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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World's top 100 museums and galleries suffer 77 per cent fall in visits during pandemic
The coronavirus pandemic has resulted in visits to the world's top 100 museums and galleries falling by three quarters.
Chinese attractions industry entering 'growth phase'
The Chinese visitor attractions market is set to bounce back from the pandemic with significant growth over the coming years.
BRC founder Bob Rogers: '2021 will see a surge in our industry'
Bob Rogers, the founder of BRC Imagination Arts, has predicted that the visitor attraction industry will see a "surge in interest" during 2021, as the global tourism industry begins its slow journey to recovery.
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COMPANY PROFILES
Simworx Ltd

The company was initially established in 1997. Terry Monkton and Andrew Roberts are the key stakeh [more...]
IAAPA EMEA

IAAPA Expo Europe is owned and produced by IAAPA, The Global Association for the Attractions Industr [more...]
Clip 'n Climb

Clip ‘n Climb currently offers facility owners and investors more than 40 colourful and unique Cha [more...]
Vekoma Rides Manufacturing B.V.

Vekoma Rides has a large variety of coasters and attractions. [more...]
+ More profiles  
FEATURED SUPPLIER

Triotech and Benoit Cornet’s Bold Move to collaborate on breakthrough innovative media-based attractions
Triotech has announced a breakthrough alliance with Benoit Cornet and Bold Move to bring a new collaborative approach to the design of media-based attractions – with an emphasis on adding value for operators. [more...]
VIDEO GALLERY

Animalive - Introducing AnimaChat!
Introducing AnimaChat, one operator can live-stream into multiple venues. Find out more...
More videos:
+ More videos  

CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

05-07 May 2021

TEA SATE Europe 2020

PortAventura World, Tarragona, Spain
09 Jun 2021

IAAPA Expo Asia 2021

The Venetian Macao, Macao, China
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2021

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
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