Sunak’s Spring Statement: What it means

The chancellor, Rishi Sunak, unveiled his highly anticipated Spring Statement to the public last week, invoking many mixed emotions within the hospitality industry. AGO Hotels and UKHospitality share with Hotel Owner where the announcement went wrong, the implications of Sunak’s statement on the hospitality industry, and issues which the Spring Statement should have addressed.

“Businesses are going to be incredibly challenged to sustain themselves, having just begun some recovery after Covid,” reveals Lionel Benjamin, co-founder of AGO Hotels. The hospitality industry was already “decimated” by the Covid-19 pandemic and now, following Sunak’s announcement, the sector is being further burdened with VAT rates going back up from 12.

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