Well lets put it this way. At 17.5% we have the fifth lowest VAT rate in Europe with the average being 19.8%
The UK along with Spain and Luxemburg currently has one of the lowest VAT rates within the whole of Europe. While other countries like Sweden, Greece, Denmark and Poland currently have some of the highest charged VAT rates in Europe with rates well above 20%. The lowest rate is 15% in Cyprus, the highest 25% in Sweden, Denmark and Hungary.
Once the 20% rate comes in the UK will sit just above Germany (19%), France (19.6%), but below Ireland (21%), Greece (23%) and Denmark, Sweden and Hungary (25%).
The chances of it going down in the near or mid term is remote. The chances of it staying the same or going up further in the long term is possible.
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