The Chancellor’s Summer Economic Update to Parliament last week introduced a number of measures to help the economy recover, including a particular focus on the hospitality sector.
- VAT cuts
VAT will be cut from 20% to 5% on food from restaurants, cafes and pubs, accommodation in hotels, B&Bs and campsites, and attractions such as cinemas, theme parks and zoos.
- Voucher Scheme
A new ‘Eat Out to Help Out’ scheme is to be introduced in August, encouraging consumers to eat out at restaurants in return for a discount of up to £10 per head.
Many of our customers in the hospitality sector in the South West have been hard-hit by lockdown and are pleased to be finally opening and getting back to business. This additional financial help, along with an incentive to encourage diners back to restaurants, will be welcomed by many. Let’s hope it can help everyone enjoy the summer and get the wheels of business turning for those in hospitality again.