Government reduce VAT, and offer 50% off meals at hospitality venues
Rishi Sunak announced today that a new scheme called 'eat out to help out' will give diners a 50% discount at participating restaurants in August, to help restart the economy after the Coronavirus pandemic. The offer will be available for customers who eat out between Monday and Wednesday, but only at restaurants, cafes and pubs who are eligible for the scheme, with Mr. Sunak stating that the aim was to get "customers back into restaurants, cafes and pubs" whilst protecting "the 1.8 million people who work in them". Next week, on Monday the 13th of July, a website will be launched for businesses to register to become a part of the scheme. Mr. Sunak also stated that "Each week in August, businesses can then claim the money back, with the funds in their bank account within five working days."
It was also announced that VAT rates for hospitality and tourism will be reduced from 20% to 5% for the next 6 months, again to help boost the economy after recent events. The businesses that fall under the category of hospitality and tourism include restaurants, pubs, cafes, accommodation, caravan sites, campsites, cinemas, zoos, and theme parks, as well as others.
These new measures could help the economy during the recently tricky times, and will hopefully get more people visiting their local businesses, to take advantage of these savings.
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