Financial Favourites

From the BBC (http://newsvote.bbc.co.uk/1/hi/business/8365939.stm):

Festive sales will start early this year – including price cuts on Christmas Day – as VAT is set to rise, a retailing expert has said.

However, discounts will not be as generous as last Christmas, according to Don Williams, head of retail at accountancy firm BDO Stoy Hayward.

Debenhams started a £250m price cutting campaign with a four-day sale on Wednesday, six weeks before Christmas.

Many retailers are expected to promote cheaper prices before VAT rises.

The tax will revert to 17.5% on 1 January, having been cut to 15% in November 2008.