finance

Get a whole day out with dinner and a movie for under £20 thanks to tax axe


A TAX axe to get city and town centres bouncing back has helped bring the cost of a whole day out down to under £20.

That includes lunch, dinner, a movie — and a decent pint.

Sarah Grealish managed a whole day out for under £20 thanks to the VAT cut

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Sarah Grealish managed a whole day out for under £20 thanks to the VAT cutCredit: Olivia West – The Sun

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Chancellor Rishi Sunak cut VAT from 20 per cent to five for the food, drink and hospitality sector.

VAT is a tax paid by businesses on the items or services they sell and is typically passed on to consumers in the price they pay for these goods.

The idea is that businesses will pass on the tax savings to households in the form of lower prices.

It will stay in place until January but not all outlets will pass it on to customers by slashing prices.

So punters must keep an eye out if they want to reap the benefits.

If the savings are passed on in full, it means cuts of 12.5 per cent on the end price people pay.

The Treasury expects typical savings of £160 a year, which it hopes will encourage people to start spending in a bid to boost the floundering economy.

Sarah Grealish, armed with a £20 note, found some of the ways to make the most of the VAT drop.

Sarah's day for under £20 included lunch, dinner and a movie

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Sarah’s day for under £20 included lunch, dinner and a movieCredit: Olivia West – The Sun
Rishi Sunak warns a FIFTH of businesses might not pass on savings from VAT cut to customers

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