Rishi Sunak keeps VAT at 5% to aid hospitality and tourism businesses

Name: Rishi Sunak keeps VAT at 5% to aid hospitality and tourism businesses
Uploaded: 2020-09-24T11:45:43.646Z
Duration: 41 s
Channel: Financial Times
Description: UK chancellor announces measures to ease cashflow and support struggling sectors of UK economy through difficult winter months

Rishi Sunak announces measures to ease cashflow and support struggling sectors of UK economy, especially hospitality and tourism, through the difficult winter months ahead and promises support and 'genuine security' for 'viable jobs'

September 24, 2020

Footage: Parliament TV

Transcript

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SUBJECT: The final step I'm taking today will support two of the most affected sectors, hospitality and tourism. On current plans, their VAT rates will increase from 5% back to the standard rate of 20% on January the 13th.

So to support more than 150,000 businesses and help protect 2.4 million jobs through the winter, I am announcing today that we are cancelling the planned increase and will keep the lower 5% VAT rate until March the 31st next year.

AUDIENCE: Yeah.