WETHERSPOONS is set to slash food and drink prices this week due to the VAT cut.
Last week, Chancellor Rishi Sunak announced the VAT rate for the hospitality industry will drop from 20 to 5 per cent from July 15.
It’s hoped the rate cut will help struggling industry bounce back from the coronavirus crisis.
VAT is a tax paid by businesses to HMRC on the items or services they sell.
It’s typically passed on to consumers in the price they pay for these goods and services.
Wetherspoons customers will be able to enjoy the full tax cut in the form of lower prices on food, coffee and soft drinks from this Wednesday, July 15.
The pub chain praised Mr Sunak for “instigating tax equality between supermarkets and pubs”.
It added that lower VAT equals lower prices at the pub chain.
Wetherspoons hasn’t yet confirmed how much it’ll reduce prices by and on what items, so we’ll update this article once we hear back.
The prices at Wetherspoons vary depending on where you’re based.
Booze is excluded from the VAT cut, but it will apply to food and non-alcoholic drinks from restaurants, pubs, bars, cafés and other similar premises across the UK until January 12, 2021.
More to follow…
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