UK Chancellor Rishi Sunak has announced a six-month cut in VAT from 20% to 5% for the hospitality and tourism sectors. He also announced new job retention bonus for employers who bring back furloughed staff.
And also Temporary cut to VAT on food,accommodation and attractions from 20% to 5% is announced.
Speaking to the media afterwards the chancellor said, the government had been right to act “in the way we have during this crisis”.
- The chancellor confirmed the furlough scheme will end in October
- A new Jobs Retention Bonus will be introduced for businesses to retain staff. They’ll be paid £1,000 for every furloughed employee they keep on up to January 2021
- A £2bn “kickstart” scheme to help create job placements for 16-24 year olds for six months
- VAT will be cut from 20% to 5% from 13 July to 12 January 2021 for some areas
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