Mr Sunak slashed VAT from 20% to 5% for food, drink and holiday businesses as part of hisSpeaking today, Mr Sunak said: "One of the hardest hit sectors has been hospitality and tourism: 150,000 businesses that employ over 2.4 million people need our support.
"To protect those jobs, I can confirm that the 5% reduced rate of VAT will be extended for six months to 30th September. "And even then, we won’t go straight back to the 20% rate. We’ll have an interim rate of 12.5% for another six months; not returning to the standard rate until April next year. In total, we’re cutting VAT next year by almost £5bn."extended until March 31, 2021VAT is a tax paid by businesses to HMRC on the items or services they sell, which is typically passed on to customers in the price they pay for goods and services.
And even then, we won’t go straight back to the 20% rate. We’ll have an interim rate of 12.5% for another six months.
Pubs that aren't open can be as cheap as you like. Still no use.
Doesn't reduce prices, just means businesses will take more profit
Nothing here for those who are working, tax threshold doesn’t matter as many have had wages frozen already, its the council tax, utility bills, food prices etc along with the already rising prices at the pumps which hurt the most😡
We need to make them welcoming places again. That will bring people in far more than any cuts to prices. I’d pay double for drinks if they were served 2019 style without a side of Bullshit.
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