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Vat'll do nicely

MORE than half of retailers have not yet upped their prices despite Tuesday's hike in VAT. And another quarter of firms have only added on an average 1.1 per cent - despite the tax rising by 2.5 per cent to 20 per cent.

But one in five stores increased prices by MORE than the VAT rise, according to a study of almost 860,000 items on shop shelves.

Retailers who hiked the cost of goods included Argos, Homebase, Robert Dyas and WH Smith, research by mobile phone price comparison app Sccope has found.

On average, the above-VAT rise was 3.5 per cent. Among the 55 per cent of stores who froze prices are John Lewis, Wilkinsons, Mothercare, HMV and Very. Those raising prices less than VAT include Comet, Currys, Toys R Us and Amazon.

But experts warned some stores may crank up prices after the January sales.

A Sccope spokesman added: "Retailers are having to keep prices down to try and sell products that they expected to go before Christmas."

Source : Jane Hamilton - The Sun

08 January 2011
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