‘VAT cut would encourage growth’ – Ritchie
South Down MP Margaret Richie will this week use a Parliamentary motion in Westminster to call for a VAT reduction of at least nine per cent for the North’s hospitality and tourism sector, which she says is vital for the local economy.
Speaking ahead of the motion, Ritchie said, “The hospitality and tourism industry is the driver of our economy. It is critical to our economy and to the social fabric of our communities.
“If the Irish Government can implement a nine per cent cut in tourism VAT when coming out of an EU bail out, there is no reason why the same cannot be done for the North.
“The Irish Government reduced the rate of VAT on a range of services connected to the hospitality and tourism sectors from 13.5 per cent to nine per cent to help support businesses and the wider economy in these difficult times, and I would urge the UK government to follow suit.
Ritchie added, “As the motion states, such a move would encourage growth in the wider economy, support job creation and generate investment in local businesses at a time when this is urgently needed.”
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