The Chancellor has announced a much-needed boost for tourism and hospitality businesses in Wycombe, as part of his Summer Economic Update to kickstart the economy post-coronavirus.
The measures will see VAT for hospitality, accommodation and attraction businesses cut from 20 per cent to 5 per cent for six months. The move is designed to support the sectors which have been particularly hard hit by the coronavirus crisis, helping businesses to recover and boosting the number of jobs across the country. Up to 500 businesses could stand to benefit from the measures in Wycombe.
I also urged local people to eat out to help out, following the announcement that the Government will pay for up to 50 per cent of people’s meals out at restaurants, pubs and cafes on Mondays, Tuesdays and Wednesdays throughout August. The Eat Out to Help Out scheme will entitle everyone to a discount of up to 50 per cent on their meal, up to a maximum of £10 per person. Businesses can claim the money back from the Government, which will be paid in five working days. Up to 185 businesses in Wycombe could benefit from the move. Taken together, these measures will provide a timely and much-needed boost to the hospitality industry in Wycombe forming a key part of the Government’s plan for jobs–supporting people to find jobs, creating new jobs and protecting jobs in hard-hit sectors.