The Liberal Democrats are calling for a 5% cut in VAT in this month’s budget to support the UK’s ailing hospitality sector and their hard-pressed customers.Deputy leader and Treasury spokesperson Daisy Cooper has called on the Chancellor to cut VAT from 20% to 15% to boost footfall in Britain’s pubs, restaurants and entertainment venues.She said the government should step in to help people obtain “small joys”, such as a meal in a restaurant.This could be funded by a new windfall tax on big banks, originally proposed by the IPPR think tank, which Cooper claimed could raise around £30bn in total between now and 2030. More than half of people think going out to a pub or restaurant was now unaffordable for, according to recent polling from More in Common.Cooper said: “People are working with their nose to the grindstone all month and have next to nothing left over after sky-high bills and spiralling food prices.”In years gone by people knew they could look forward to fish and chips with their family on a Friday night or a weekend trip to the cinema. “Now those small joys – the ones that make life worth living – are becoming an unaffordable luxury for too many.”Chancellor Rachel Reeves is expected to break Labour’s manifesto commitment not to increase income tax, VAT or National Insurance in her Budget later this month, and has suggested she will ditch the two child benefit cap.She is not expected to cut VAT. The Treasury has been contacted for a response to the Lib Dem policy proposal.Th …
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[mwai_chat context=”Let’s have a discussion about this article:nnThe Liberal Democrats are calling for a 5% cut in VAT in this month’s budget to support the UK’s ailing hospitality sector and their hard-pressed customers.Deputy leader and Treasury spokesperson Daisy Cooper has called on the Chancellor to cut VAT from 20% to 15% to boost footfall in Britain’s pubs, restaurants and entertainment venues.She said the government should step in to help people obtain “small joys”, such as a meal in a restaurant.This could be funded by a new windfall tax on big banks, originally proposed by the IPPR think tank, which Cooper claimed could raise around £30bn in total between now and 2030. More than half of people think going out to a pub or restaurant was now unaffordable for, according to recent polling from More in Common.Cooper said: “People are working with their nose to the grindstone all month and have next to nothing left over after sky-high bills and spiralling food prices.”In years gone by people knew they could look forward to fish and chips with their family on a Friday night or a weekend trip to the cinema. “Now those small joys – the ones that make life worth living – are becoming an unaffordable luxury for too many.”Chancellor Rachel Reeves is expected to break Labour’s manifesto commitment not to increase income tax, VAT or National Insurance in her Budget later this month, and has suggested she will ditch the two child benefit cap.She is not expected to cut VAT. The Treasury has been contacted for a response to the Lib Dem policy proposal.Th …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
