 |
answer text |
<p>Since the start of the pandemic, over £37 billion has been provided to the tourism,
leisure and hospitality sectors in the form of grants, loans and tax breaks.</p><p>The
Government announced a package of business rates support at Autumn Statement 2022
which means businesses in the retail, hospitality and leisure sectors, including pubs,
will receive a tax cut worth over £2 billion in 2023-24. The UK also has a higher
VAT registration threshold than any EU Member State and the second highest in the
OECD, which keeps most businesses out of the VAT system altogether.</p><p>VAT is the
UK's third largest tax forecast to raise £161 billion in 2023/24, helping to fund
key spending priorities such as important public services, including the NHS, education
and defence. The previous VAT relief for tourism and hospitality cost over £8 billion
and reintroducing it would come at a significant further cost.</p>
|
 |
