Another one bites the dust

The Chancellor has failed to set the High Street alight with Christmas shoppers with his derisory 2.5% cut in VAT. Most people feel that the savings are too small to be significant enough to tempt them back to the shops.

Those who do believe it will save them money are unlikely to be seen until the VAT reduction comes into affect on 1 December. This however looks too late for both Woolworths and MFI both of whom look as though they are going into administration. These could be the first of several big names shops to bite the dust as the credit crunch continues to push the UK into a recession.