“The 2021 Spring Budget, due to be announced on March 3, will be the most important and impactful in the UK’s modern history.”
These are the words of UKHospitality. How could one disagree? We will all be bracing ourselves and hoping for positivity. What’s crucial is the Government committing to support businesses further. After all, we’ve come so far.
UKHospitality said in a statement: “The Government will be looking to use the Budget to shore up the UK’s economy, provide support for businesses and chart a pathway towards recovery from the economic impacts of the virus.
“For hospitality, the UK’s third-largest employer, the importance of this budget is clear. After a year of restrictions, subeconomic trade, closures and significant financial losses, it is essential that the Government offers more support for hospitality businesses while they recover from this unprecedented crisis.”
UKHospitality has been lobbying the Government and MPs to provide further assistance for the sector in the Budget. The key asks outlined within the trade body’s response were created following detailed consultation with its membership.
• An extension of the VAT cut to 5% for a further 12 months, and to ensure that it applies across the broad hospitality sector, to stimulate economic activity. The enaction of a further business rates holiday for hospitality for 2021/22 to protect communities and repair businesses.
• Enact a further business rates holiday for hospitality for 2021/22 to protect communities and repair businesses.