Local Member of Parliament for North Warwickshire and Bedworth, Craig Tracey, has welcomed the Chancellor’s targeted plan to help support jobs and hospitality businesses across the UK, a move he described as "significant in helping to kickstart the country’s economic recovery post-COVID".
Under temporary measures announced, VAT is to be cut for six months, from 20 percent to 5 percent, for businesses in the hospitality, accommodation and attractions industries; including up to 380 in North Warwickshire and Bedworth – a measure set to be a huge boost for the area’s local economy. This will come into effect on the 15th July, and last until January 2021.
Local residents have also been urged to ‘Eat Out to Help Out’ with a temporary new voucher scheme encouraging people to support restaurants, pubs, bars and cafes. This scheme will run on Mondays through to Wednesdays during August and sees the Government paying for 50% of people’s meals out at participating venues across the constituency to a maximum of £10 per person, including children. Local businesses will be able to claim back this money from the Government weekly, with up to 185 businesses in the area set to benefit from this package.
Speaking immediately after the announcement, Mr Tracey said: ‘’The Chancellor has announced an impressive package to support the UK’s economic recovery, whilst supporting residents here in North Warwickshire and Bedworth to find, create and protect jobs in sectors which have been more hard-hit by the impacts of COVID-19.
Although there is a recognition that people are still nervous about returning back to some kind of normality, I am hugely encouraged by some of the fantastic opportunities being offered to support them and I know these measures will come of a great relief to many of the small businesses who endured huge financial worries throughout this period, across our communities.
I know that this has been a tough time for everyone in the constituency, but I think there are very positive signs out there. During the past months we have seen our communities come together in ways we have not seen before. We now need to translate this in to supporting our local businesses and high streets as we move into the next phase of recovery."
Summing up the Chancellors announcement, Craig emphasised the package offers an “exciting, sensible and deliverable package - a great place to start on rebuilding our economy!”