A complete teacake

April 10, 2008 at 9:56 am | Posted in Idiot Hall of Fame | Leave a comment
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Calm down people, the human abacus has spoken! Alistair Darling insists there are ‘grounds to be optimistic’ about Britain’s ability to survive “the largest financial shock since the Great Depression”, despite the fact the IMF has dramatically downgraded our growth forecast.

So there’s nothing to worry about, right? Errm, much as I’d love to share the optimism, when our finest minds make mistakes like this, there’s no wonder people are a little worried:

The UK Treasury is facing a £3.5m bill, because of VAT wrongly imposed on a Marks and Spencer teacake, the European Court of Justice (ECJ) has ruled.

Customers paid VAT for 20 years before the authorities accepted the product was a cake, which does not command VAT.

In case you’re wondering, yes, we’ve just lost £3.5 million over this:


Oh my.

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