The chancellor’s appearance on the BBC’s Andrew Marr Show yesterday signalled his support for business through the pandemic will need to be paid for through increased taxes, the timing of implementation is less clear.
During an interview with the host, Rishi Sunak repeatedly underlined that the budget would include new plans for tax increases, but he was not specific about what taxes or when they would be applied.
Reaction to the announcement, seen as warning step to limit shock on Wednesday from it came immediately from opposition spokespeople. The line of reply broadly speaking was a continued need for increased stimulus to the economy, specifically focused on job support and job creation.
Sunak provided reasons for his concerns about continued fueling of the economy citing interest rate increases as his primary worry, likening it to householders having an eye on mortgage payments. He also spoke about rebuilding a pot for future rainy days including future emergencies.
Most hospitality business will be hoping that a remedy to the current economic crisis through extended financial and fiscal support is prioritised. Still being ‘in business’ in a few weeks time being their priority.
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Hospitality & Catering News: Current crisis needs to be resolved ahead of tax rises. – 1 March 2021 – Current crisis needs to be resolved ahead of tax rises.
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