The emergency budget has unveiled a rise in VAT from 17.5 per cent to 20 per cent.
Around £13 billion extra will be raised from the increase.
This is the first significant change to VAT since 1991 and is to come into place on January 4 2011.
With this, the UK will be bought into line with the rest of the continent, as the United Kingdom has more exemptions to VAT than most other countries.
The standard rate is to increase from five to six per cent
VAT on items including food, children's clothing, newspapers and books will remain exempt.
Chancellor of the Exchequer George Osborne said: "The years of debt and spending made this unavoidable."
The government has announced new emergency measures to tackle the current housebuilding crisis in London and unlock tens of thousands of homes.
The Chancellor has appointed growth and productivity expert Dr Anna Valero as an Industrial Strategy advisor.
The Chancellor has announced a £500 million investment package to deliver growth in the Oxford to Cambridge Corridor and cement its status as
New data from Ordnance Survey (OS) will be used to support safe walking across Great Britain.
The government has announced new financial penalties for water companies who commit environmental offences.
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