From the Times:

"Britain’s biggest retailers attacked the Government last night over fears that the timing of VAT being returned to 17.5 per cent would cause huge disruption during the critical Christmas trading period, The Times has learnt. The increase, from 15 per cent, will come into force at midnight on New Year’s Eve, and a number of important retailers have urged the Government to postpone the tax rise by a month, until the high street is quieter.

Sir Stuart Rose, the executive chairman of Marks & Spencer, said last night: “Increasing VAT on New Year’s Eve is an insane time. If the Government had any sense, they would delay it for a month. There needs to be a conversation with us about the timing of this. The tax rise is at the worst possible time — right in the middle of the sales period. “The key question is what it’ll do for sales, because the cost to customers will rise at a really important trading time. And there’s all the admin.”