Mixed views are coming out of the hospitality sector after Chancellor George Osborne announced a number of financial boosts and cuts in his Autumn Statement this week, cites mymeetingprofessional.com.
Reported in full by bighospitality.co.uk, the Chancellor announced a number of new key business-led measures in order to help economic recovery. For example, the cut in corporation tax to 21 per cent by 2014 and an increased in capital investment allowance from 25k to 250k were both welcomed by businesses across the UK.
Furthermore, extra tax relief on small investments, an extension of business rate relief for small firms and a crackdown on tax avoidance were also hailed by companies.
However until these measures are actually implemented, businesses in the hospitality sector – such as event venues, caterers or pubs – remains cynical.
In addition, hospitality firms questioned the lack of movements on VAT, the beer duty escalator or red tape.
John Longworth, director general of British Chambers of Commerce (BCC), commented on the budget: “The Chancellor has taken a number of very positive steps, despite being constrained by politics, budgets and Whitehall inertia.
“However, the Government is still tinkering around the edges. The Budget next March must make truly radical and large-scale choices that support long-term growth and wealth creation,” he added.