More than eight out of 10 retailers plan to pass on in full the VAT rise that came in to effect on January 4.

According to a report by the Bank of England, 84% of retailers will pass the increase on in full, and 11% plan to pass on at least half of it, if they haven’t already.

According to the Telegraph, the overall pass-on of the VAT rise looks set to be “at least 90%” according to the report.

The report said this is substantially above the pass-on rate retailers planned around the previous VAT rise.