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Live as Rishi Sunak leads national briefing from Downing Street The Chancellor used his Budget to set out a £65 billion spending package this year The video will auto-play soon8Cancel Play now The briefing comes hours after Mr Sunak announced his Budget for the next year. Mr Sunak set out plans to freeze income tax thresholds and increase corporation tax as he began the process of repairing the nation’s finances following the coronavirus crisis. The Chancellor used his Budget to set out a £65 billion spending package this year and next year to support the economy as it recovers from the pandemic.
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Cutting VAT from 20% to 5% for diversified farming businesses and rural tourism firms with a turnover of up to £500,000 would add £4.5bn to the economy.
Share Photo Credit: Free-pics/Pixabay A new survey carried out by hospitality and tourism industry associations in the UK reveals that if the current reduced rate of VAT of 5 per cent for businesses in the sector, including hotels and restaurants, reverts to the previous 20 per cent at the end of March as planned, some 310,000 jobs will be lost. The survey of 1,144 businesses, carried out by UKHospitality, the Tourism Alliance and the Association of Leading Visitor Attractions under the banner of the Cut Tourism VAT (CTV) Campaign, looked at how businesses had used the cut in VAT announced by UK Chancellor of the Exchequer Rishi Sunak in July 2020 and extended in September until March. The survey found that the majority of businesses used the savings to retain staff, pay suppliers or passed these on to customers.
More than 300,000 jobs across the hospitality and tourism sectors could be lost if the VAT rate reverts back to 20% in April 2021, trade bodies have warned.
The Government has been pressed to extend the reduced VAT rate beyond the spring to protect some 310,000 jobs in the hospitality and tourism sector. A survey of more than a thousand businesses found 90% felt the VAT cut on food, soft drinks and accommodation in July 2020 was “important, very important or crucial” to their business. More than 75% said they might not have been able to continue trading without it. The research was carried out by the Cut Tourism VAT (CTV) Campaign, UKHospitality, the Tourism Alliance and the Association of Leading Visitor Attractions. Operators said if the VAT rate reverted back to 20% in April it would mean further job losses and the CTV estimated this could amount to 310,000 redundancies.
unchanged. and that advice is it's safe 20 come here. this is designed to punish south korea, economically, if at all possible, cut tourism, perhaps get disrupt the economy by getting about more than 1 million expatriate workers that are living here in seoul. john? >> jim, this follows a development at the kaesong industrial complex where north korea pulled out its workers or north koreans didn't show up to work. that event also met with some skepticism, correct? >> we don't know yet whether it's going to be permanent or not. because once again, you can't judge what the north is saying. you can't really trust what they're saying. and it would appear that they've shut it down at least temporarily. that's going to punish some of the firms that are in there. but it's the president here park geun-hye had to say all this is going to do is convince a lot of firms, don't do business with north korea because you can find yourself in a very expensive predicament because of their politics. john? >> jim clancy in seoul, south korea, where the u.s. embassy,