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A new survey carried out by hospitality and tourism industry associations in the UK reveals that if the current reduced rate of VAT of 5 per cent for businesses in the sector, including hotels and restaurants, reverts to the previous 20 per cent at the end of March as planned, some 310,000 jobs will be lost.
The survey of 1,144 businesses, carried out by UKHospitality, the Tourism Alliance and the Association of Leading Visitor Attractions under the banner of the Cut Tourism VAT (CTV) Campaign, looked at how businesses had used the cut in VAT announced by UK Chancellor of the Exchequer Rishi Sunak in July 2020 and extended in September until March. The survey found that the majority of businesses used the savings to retain staff, pay suppliers or passed these on to customers.