Kate Nicholls OBE@UKHospKate
Sep 23, 2022
6 tweets
Big package of tax cuts and reforms announced by Chancellor & welcome recognition that when business has a supportive regulatory & fiscal env we all benefit re jobs, growth & investment. Intent to have a globally competitive tax regime should be expanded to incl bus rates and VAT
But - and it is a big but - much of this will take time to deliver and thousands of businesses are at risk of failure because of high taxes now. Reversing Aprils increase in Vat for hospitality - highest in Europe - would have delivered immediate boost to jobs and investment now
We urge Chancellor to build on the positive package of liberalisation and tax cuts for local investment zones and then apply the same principles to business rate reform - again highest property taxes in OECD - to unleash the potential of hospitality to support regeneration
Look forward to working with govt to identify, prioritise and drive forward reform to deliver growth and cut taxes to boost investment. The recognition from Business Sec that hospitality is vulnerable and needs more support is welcome but in absence of that today needs rapid attn
One final thought. Today’s announcement gave tax free shipping to overseas tourist and visitors - it would be nice to see that same approach applied to our UK tourists and customers visiting pubs, attractions and restaurants by lowering the rate of VAT for UK consumers too
The increase from 17.5% to 20% was supposed to be temporary and we know VAT cuts worked in 2008 and 2020
Kate Nicholls OBE
@UKHospKate
CEO UKHospitality - voice of the most dynamic, innovative & entrepreneurial sectors. Co-chair London Tourism Recovery Board, Govt Disability Ambassador.
Missing some tweets in this thread? Or failed to load images or videos? You can try to .