Sunak hands out sops to stimulate jobs and economy – Saudi Gazette
- Date: 10-Jul-2020
- Source: Saudi Gazette
- Sector:Economy
- Country:Saudi Arabia
Sunak hands out sops to stimulate jobs and economy – Saudi Gazette
LONDON “” The UK Chancellor of the Exchequer Rishi Sunak announced cuts to VAT worth over £4 billion (€4.4 billion) as a lifeline for the struggling British tourism and hospitality sector, as one of the initiatives in the mini budget announced on Wednesday.
The government's latest round of targeted economic stimuli in a "protect, support, create“ jobs package includes vouchers for meals out, a 15% VAT cut on hospitality and tourism offerings, and a £1k bonus to employers who bring back furloughed employees,
It also includes an additional £1bn investment in the Department for Work and Pensions for additional hires in Job Centers, among other expenditures.
In a statement to the House of Commons on Wednesday, the Chancellor told MPs that VAT would be slashed from 20 percent to 5 percent until January, according to euronews.
Sunak announced these measures in a bid to get two of the sectors hardest hit by the COVID-19 pandemic to get back on its feet, saying he wanted to see pubs, restaurants, cafes, and B&Bs "bustling again."
The cuts will apply to food, attractions (including zoos and cinemas) and accommodation for the next six months. The cuts will be complemented by a 50% "eat out to help out“ discount