A VAT reduction on housing renovation and repair could boost the UK economy by more than £15 billion according to an independent research report by Experian.

This reduction, the report claims, could also create more than 95,000 jobs and save 240,000 tonnes of CO₂ from thousands of homes.

The report is backed by more than 60 charities, trade associations, business groups and financial institutions, all of whom have united as part of the 'Cut the VAT' campaign. This calls on all three main political parties to commit to reducing VAT on housing renovation and repair from 20% to 5% in their 2015 General Election manifestos.