Where do you stand on cutting the VAT rate?

In a statement released yesterday, the Federation of Small Businesses (FSB) demanded that Ed Balls stop playing politics with the economy and support entrepreneurs with a credible plan for growth.

Criticising the call from Labour shadow chancellor Ed Balls for a full reversal in the 20% VAT rate, the FSB said the UK should instead follow the lead of other EU countries and introduce a one-year VAT cut for small businesses in the construction and retail sectors only. 

By cutting VAT to 5%, as opposed to a £5bn cash injunction into "rushed infrastructure projects", the employers' organisation said growth would be kick started, jobs would be created and the Treasury would benefit from increased revenues.

Do you think Labour is right to push for a full reversal or do you support the FSB's call for a temporary, focused change, even though it would add another complication to firms' administrative burdens.