News

The World In A Week – Seasons Of Change

22nd June 2020

Following on from last week’s opening of some non-essential businesses, it is likely that Boris Johnson will announce a relaxation of the 2-metre social distancing rule tomorrow.  This should pave the way for a potential reopening of the hospitality sector from the 4th July.

Whilst the recommencement of the Premier League has been met with mixed reviews, the lack of atmosphere may be more palatable while enjoying the spectacle with a cold beverage of your choice, in the reasonably close proximity of your friends.

The attraction of socialising once again may not be enough to help the beleaguered sector, that is why Chancellor Rishi Sunak is contemplating a move to potentially reduce VAT for the hospitality and tourism sectors, which would include pubs, restaurants and hotels, from as early as July.

However, in order to balance the books, it is likely that the summer of stimulus may give way to an autumn that contains deferred tax increases and spending cuts in order to stabilise public debt.