Major Boost For Our Bay As VAT Cut Announced

Torbay’s MP Kevin Foster has welcomed the announcement of two major boosts for Torbay’s tourism and hospitality industry as part of a package of measures announced today (Wednesday 8th July 2020) to help restart our economy and safeguard jobs.

The Government has announced it will:

  • Temporarily cut VAT for the tourism and hospitality sectors, giving a much-needed boost to some of the industries hardest hit by coronavirus. From 15 July 2020, the Government will cut the rate of VAT applied across the UK to hospitality, accommodation and attractions from 20 per cent to 5 per cent until 12 January 2021. This could support almost 2 million businesses and protect 2.5 million jobs.
  • Launching a new Eat Out to Help Out scheme – something never been done in this country ever before – giving people up to 50 per cent off meals out, encouraging them back into restaurants, cafes and pubs. Anyone who eats at a participating business, Monday to Wednesday for the month of August, can receive up to 50 per cent off food and non-alcoholic drinks, up to a value of £10 per person. Businesses can claim the money back from the government weekly, receiving funds within 5 working days.

These measures are part of a wide-ranging package which includes a jobs retention bonus scheme, green homes grant, cuts to stamp duty and a new £2bn kickstart scheme to give young people the best chance of finding a job. All signs of this Government’s determination to do what it takes to support Torbay’s economic recovery.

Commenting Kevin Foster MP said:  “The unprecedented situation facing our bay is seeing unprecedented levels of support from the Government. These latest moves will help push forward the economic recovery of our bay and reward those local employers who have done so much to keep their staff in work, whilst giving a welcome extra boost to our tourism sector.”

ENDS

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