Everyone was awaiting the VAT rise with bated breath, to see whether it would have any effect on their business. But it seems that one company has bucked the trend and done well in recent figures, despite the rise in VAT from 17.5% to 20%.
The annual increase in their profits has definitely been good news, but the company is still “cautious”. This is understandable as times are still rocky and some businesses are still finding trading conditions difficult. It does look as if shareholders in Morrisons will be getting a nice reward as a result of the increase in sales though. The VAT rise has not affected everyone in quite the way we might previously have thought.