The hospitality industry is one of the key sectors in Totnes and South Devon and I have done all I can throughout the Covid-19 pandemic to ensure this industry gets the best possible deal.
In May 2020, I wrote to the Chancellor asking for a reduction in VAT from 20 to 5%, having gained support from 84 colleagues. I was delighted when the Chancellor announced this measure was to be in place from the 15th July 2020 to the 12th January 2021.
Speaking to businesses throughout the summer on the impact this reduction was having on their finances further cemented how important this reduction was, so in September I once again wrote to the Chancellor, this time asking for an extension to this scheme. I was delighted when he announced that the 5% VAT rate was to be extended until the 31st March 2021, allowing the sector to get through the difficult winter months and re-open for the season before the tax rate goes back to 20%.
To date I have: