CTV Campaign launches survey report
The Cut Tourism VAT Campaign, in association with UKHospitality, the Tourism Alliance and the Association of Leading Visitor Attractions has today launched a report on the findings of a survey assessing the impact to date of 5% VAT on UK tourism and hospitality businesses.
With more than a thousand responses from tourism and hospitality businesses the survey shows that the vast majority of savings were used to retain staff, pay suppliers or were passed on to customers. The survey also assessed the likely impact if VAT continues to be applied at 5% or is returned to the higher rate of 20% from April 2021.
The survey shows that if the VAT rate reverts back to 20% in April 2021, there will be further cut-backs and job losses and the CTV Campaign estimates that this could mean the loss of 310,000 jobs in hospitality and tourism.
With an effective lockdown now in place across the country for the foreseeable future the Campaign is calling for Rishi Sunak to extend the VAT cut in his March Budget to prevent further job losses in the industry.
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