Chancellor Rishi Sunak has announced some big plans today which should help to boost the British economy amid the coronavirus pandemic.
Plans were announced for the “eat out to help out” scheme in the House of Commons earlier today.
Those dining out will be entitled to a 50% discount off their restaurant bill during August under government plans to aid the hospitality sector, which has been hugely impacted on since lockdown measures began in March.
The “eat out to help out” discount has been unveiled as part of a series of measures to restart the economy amid the coronavirus pandemic. The new scheme will allow for people to get up to £10 off per head if they eat out between Monday and Wednesday.
Mr Sunak also said VAT on hospitality and tourism would drop from 20% to just 5%. The reduction will be in place for the next six months.
The Chancellor said participating restaurants would be able to offer half price meals every Monday to Wednesday throughout August, and be reimbursed by the Government within five working days.
He also confirmed £2bn to help a “young jobs revolution to get hundreds of thousands of young people into work”.
There will also be an immediate stamp duty holiday for six months, on properties valued up to £500,000.
The Chancellor also pledged to give businesses a £1,000 “furlough bonus” if they bring staff back on in full time work until January.
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