No, you do not understand the impact of VAT. It is not rocket science. Try thinking not saluting. The rich have the choice of whether to spend or save. The poor have no choice. They have no margin to save. Therefore apart from zero rated items the entire expenditure of the poor (which equals or exceeds their entire income) is taxed. For the rich the tax on their larger incomes is voluntary. That is why VAT is a regressive tax.

I'm waiting for someone authoritative to do the sums, but I do not see how this budget can achieve the reduction in PSBR that the Cond-Doms were saying was necessary.

Still, at least I can still afford gin.