COVID-19 stimulus package – VAT cut for hospitality, companies to get apprenticeship funding | attractionsmanagement.com news
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COVID-19 stimulus package – VAT cut for hospitality, companies to get apprenticeship funding
POSTED 09 Jul 2020 . BY Tom Walker
Chancellor Rishi Sunak revealed his 'mini-budget' at the House of Commons today Credit: Shutterstock.com/Cubankite
The hospitality and attractions sectors will benefit from a temporary cut to VAT as part of stimulus measures announced by chancellor Rishi Sunak.

Revealing the details of his "COVID-19 mini-budget" at the House of Commons today, Sunak said the VAT rate on eating out, accommodation and visitor attractions would be cut from 20 per cent to 5 per cent.

In addition, the hospitality sector has been given highly-targeted assistance in the form of a "eat out to help out" policy.

Under the scheme, those dining out between Monday and Wednesday during the month of August will only have to pay for 50 per cent of their bill.

Pubs and restaurants taking part in the scheme can then claim back the money from the government, with Sunak promising that the money will be paid "into the bank accounts of restaurants within five days".

"This moment is unique. We need to be creative," Sunak added.

The announcements are seen as a victory for industry body UKHospitality, which had called on the government to "act decisively" and help a sector that was "hit harder than other sectors and is likely to be hit longer than other sectors".

The measures were welcomed by the tourism and hospitality sector.

Joss Croft, UKinbound CEO, said “The chancellor’s economic recovery plan clearly recognises the value of hospitality and tourism, and cutting VAT and the Eat Out to Help Out scheme will deliver immediate positive impacts for businesses and consumers.

Other announcements included the confirmation that the Job Retention Scheme will not be extended beyond October, bringing the government-supported furlough system to an end.

The government will, however, introduce a Jobs Retention Bonus, which will see businesses receive a £1,000 bonus for each furloughed person they bring back and employ.

The bonus scheme is one of many measures introduced by Sunak to stimulate job creation.

Others include an apprenticeship scheme which will see the government pay companies £2,000 for each apprentice they take on.

There is also a £2bn “kickstart scheme” to create work placements for young people. The scheme will subsidise work placements for young people on Universal Credit, with the government covering 100 per cent of the national minimum wage for 25 hours a week.

• To read the chancellor's speech in full, click here.
Sign up here to get the Attractions Management weekly ezine and every issue of Attractions Management magazine free on digital.
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Jobs   News   Products   Magazine
NEWS
COVID-19 stimulus package – VAT cut for hospitality, companies to get apprenticeship funding
POSTED 09 Jul 2020 . BY Tom Walker
Chancellor Rishi Sunak revealed his 'mini-budget' at the House of Commons today Credit: Shutterstock.com/Cubankite
The hospitality and attractions sectors will benefit from a temporary cut to VAT as part of stimulus measures announced by chancellor Rishi Sunak.

Revealing the details of his "COVID-19 mini-budget" at the House of Commons today, Sunak said the VAT rate on eating out, accommodation and visitor attractions would be cut from 20 per cent to 5 per cent.

In addition, the hospitality sector has been given highly-targeted assistance in the form of a "eat out to help out" policy.

Under the scheme, those dining out between Monday and Wednesday during the month of August will only have to pay for 50 per cent of their bill.

Pubs and restaurants taking part in the scheme can then claim back the money from the government, with Sunak promising that the money will be paid "into the bank accounts of restaurants within five days".

"This moment is unique. We need to be creative," Sunak added.

The announcements are seen as a victory for industry body UKHospitality, which had called on the government to "act decisively" and help a sector that was "hit harder than other sectors and is likely to be hit longer than other sectors".

The measures were welcomed by the tourism and hospitality sector.

Joss Croft, UKinbound CEO, said “The chancellor’s economic recovery plan clearly recognises the value of hospitality and tourism, and cutting VAT and the Eat Out to Help Out scheme will deliver immediate positive impacts for businesses and consumers.

Other announcements included the confirmation that the Job Retention Scheme will not be extended beyond October, bringing the government-supported furlough system to an end.

The government will, however, introduce a Jobs Retention Bonus, which will see businesses receive a £1,000 bonus for each furloughed person they bring back and employ.

The bonus scheme is one of many measures introduced by Sunak to stimulate job creation.

Others include an apprenticeship scheme which will see the government pay companies £2,000 for each apprentice they take on.

There is also a £2bn “kickstart scheme” to create work placements for young people. The scheme will subsidise work placements for young people on Universal Credit, with the government covering 100 per cent of the national minimum wage for 25 hours a week.

• To read the chancellor's speech in full, click here.
Sign up here to get the Attractions Management weekly ezine and every issue of Attractions Management magazine free on digital.
RELATED STORIES
ukactive: government's one size fits all changes to furlough scheme a 'guarantee of redundancies'


ukactive has questioned the government's decision to make all employers start paying towards the wages of their furloughed staff.
MPs write to chancellor demanding more support for tourism and hospitality


Nearly a hundred members of parliament (MP) have written a letter to chancellor Rishi Sunak, asking the government to "do more" to protect the UK tourism and hospitality industry.
Physical activity sector leaders urge chancellor to support self-employed workforce


Leading organisations in the physical activity sector have urged chancellor Rishi Sunak to provide urgent financial support for the sector's 60,000 self-employed workers.
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Perth's AU$400m Boola Bardip museum opens to the public
Western Australia's new $400m WA Museum Boola Bardip, in the heart of Perth's Cultural Centre, has officially opened after four years of construction.
New alliance looks to create themed visitor attractions across Europe
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By combining lighting, video, scenic and architectural elements, sound and special effects we tell s [more...]
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WhiteWater was born in 1980 to create places where families unite and make joyful lasting memories [more...]
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+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

09 Dec 2020

Czech Health 2021 trends webinar

Online (Zoom), United Kingdom
12-14 Jan 2021

EAG International

ExCel London Exhibition Centre, London,
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2020

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
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