Geordies want Rishi Sunak Spring Statement to prioritise Newcastle hospitality
Geordies want more investment into the hospitality industry and will support their locals if pints rise by 50p
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As Rishi Sunak prepares to deliver his Spring Statement, data shows that more than 75% of people in Newcastle think the Government should be doing more to provide financial support to the city's hospitality business.
The Chancellor of the Exchequer will give the long-awaited update today and Geordies know where they want investment to go.
The data was commissioned by start-up Mr Yum, who aim to support the hospitality and entertainment industries.
Of those polled, the majority said maintaining the reduced VAT rate of 12.5% is the best way to support the local hospitality industry in its recovery from the pandemic.
Despite the Government ending Covid-19 restrictions, the challenges the hospitality sector faces remain.
During the past six months, 1 in 3 people have cancelled a booking at a Newcastle venue due to Covid-related reasons and almost 1 in 4 people have not returned to a venue due to service-related issues.
The hospitality industry is also facing rising labour, energy and food costs as prices nationwide go up.
There is hope to that end, with 65% of Geordies say they will still go to the pub as often even if the price of the pint increased by 50p - if that was to be by a £1, just 1 in 3 would continue to go out as frequently.
Mr Yum CEO Kim Teo says making the reduced 12.5% VAT rate permanent would provide a much-needed boost to Newcastle’s hospitality industry struggling to recover.
She said: “It’s clear a permanent 12.5% VAT rate for hospitality has the public’s support and would go a long way to encouraging people to get back and enjoy their favourite local pub or restaurant as often as they did before COVID."