Tesco to cut VAT on Friday

Tesco has this morning announced that it is cutting Christmas shopping bills three days earlier than any other retailer by passing back the VAT reduction on all applicable non-food products from Friday. Commercial Director Richard Brasher said: "We announced on Monday that we would be passing this reduction back to our customers and since then we've been working hard to bring them the benefit sooner rather than later. We know that many families will start their Christmas shopping this weekend as pay packets arrive and we don't want customers to miss out on the cut in VAT which comes in on Monday. We hope that this cut combined with our current offers on great gift ideas from lap tops to half price bikes will mean that our customers can look forward to an even better and more affordable Christmas," he said. The early VAT back will also apply to relevant products on Tesco Direct.

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