Hospitality sector warns of 310,000 job losses if 5% VAT rate is ditched

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Hospitality and tourism businesses are calling for the Government to extend the reduction of VAT to 5% or risk thousands of redundancies across the sector.

A survey of more than a thousand hospitality and tourism businesses, carried out by four industry organisations, said Chancellor Rishi Sunak’s decision to reduce VAT from the standard rate of 20% has protected jobs and the survival of businesses in hospitality, hotel and holiday accommodation and tourist attractions.

The survey showed the vast majority of the savings were used to retain staff, pay suppliers or passed on to customers, and now the hospitality and tourism sector says it is vital the reduction is extended well beyond March 2021 as the

 link source - Business Live News

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