U.K. Chancellor of the Exchequer Rishi Sunak says value added tax on hospitality and tourism industries to be cut to 5%, from 20%.
- VAT reduction will last for next six months
- Sunak also announces “Eat Out to Help Out” plan offering up to 50% discount on meals at participating businesses Monday to Wednesday in August
- Businesses will then claim money back from government
- “We need to give these businesses the confidence to know that if they open up, invest in making their premises safe, and protect jobs, demand will be there, and be there quickly”
- Sunak speaks in U.K. Parliament Wednesday
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