VAT could be slashed to help get Brits spending again

0
37

VAT could be slashed to help get Brits spending again and boost the economy.

Rishi Sunak is believed to be considering a temporary VAT cut to get the high street back on its feet.

VAT could be slashed to help get the High Street up and running again

According to The Times, the Chancellor is looking at reducing consumption taxes to boost Britain’s struggling retailers.

They have warned a combination of nervous shoppers and the two-metre distancing rule mean shops are still at risk of going bust.

Helen Dickinson, chief executive of the British Retail Consortium, said: “The reopening of non-essential shops from today is unlikely to deliver immediate relief.

“The government should consider options to stimulate demand, such as a short-term reduction in VAT or a temporary income tax cut for lower-income workers.”

The Treasury is believed to have looked at the idea of a VAT cut, but will make no decision until data reveals if shoppers are spending again.

Mr Sunak yesterday acknowledged many would be anxious at the prospect of going shopping again but stressed measures had been put in place to ensure public safety.

Today Boris Johnson urged Brits to “breathe life into their high streets” as he backed our Bounce Back Britain campaign.

The PM praised HOAR’s bid to get people spending in the shops as they open for the first time since lockdown today.

Boris hit the shops in Westfield shopping centre, East London, to show his support in a bid to start supercharging the economy

He visited a shopping centre to see the coronavirus social distancing measures being taken.

The PM is eager to reignite the economy which has taken a 20 per cent hit in the coronavirus crisis.

Speaking to HOAR, he said: “Shops across England have been working hard to make their stores Covid-secure and ready to reopen from Monday, when they will lift their shutters, switch on the lights and open their doors again.

“We have been taking every step possible to help them through this difficult time — from loans and cash grants to business rates holidays — so they can quickly get back on their feet.

“We can all do our bit to help breathe life back into our high streets and I applaud HOAR’s Bounce Back Britain campaign for encouraging people to do just that.”

Our campaign, launched last week, has been offering readers practical advice, detailed guides and a host of money-saving offers as life slowly returns to normal.

We’ve urged our readers to start spending money on the high street to get our economy going again.

Mr Johnson had a look around the shops at Westfield Stratford shopping centre in East London.

‘I AM VERY OPTIMISTIC’

As non-essential stores got ready to open for the first time since March, he said: “I think people should shop and shop with confidence, but they should, of course, observe the rules on social distancing and do it as safely as possible.

“I am very optimistic about the opening up that’s going to happen.”

But he warned that the threat of the virus had not been totally eliminated so shoppers should still be careful when out and about.

He added: “I think that it’s important that we see a gradual build-up. What I want to see is safety.

“That’s our priority as the British people have spent three months really knocking this virus down, getting it right down.”

Boris buys a coffee on his Westfield walkabout today

Federation of Small Businesses chair Mike Cherry said the reopening would support small firms which were the backbone of the economy.

Florist Janet Edwards has reopened her shop in Brixton

Boris examined the new face of shopping first hand when he had a look around the shops in Stratford

The PM spoke to a number of staff who he said are ‘excited’ about reopening

Hand sanitiser dispensers are found all around the shopping centre

GOT a story? RING HOAR on 0207 782 4104 or WHATSAPP on 07423720250 or EMAIL [email protected]