The Tories might be denying the story that they will raise Vat to 20 percent but I would be very surprised if they did not end up doing so. Vat is an easy tax to collect and hard to avoid so as the Tories look for an instant way to show the markets they are serious about dealing with the national debt, Vat is the obvious tax to increase.
Any attempt to bring the budget back into balance should focus on bringing down spending through cuts, reforms and reducing the demand for government. But in the short term, there are likely to have to be some tax increases. The Tories should be prepared to be frank about this but balance this with a commitment to reducing the overall tax burden over the next decade.