Ahead of the Spring Budget announcement tomorrow, Neil Manhas, Pizza Hut's Managing Director & Chief Financial Officer UK & Ireland has commented on the necessity of extending VAT aid beyond 1 April.
Manhas stated, “Several Government initiatives have been critical for the survival of hospitality businesses, but the temporary VAT cut has played an out-sized role in allowing the industry to rebound following the pandemic.
'We therefore call on the Government to extend the VAT cut. Keeping VAT lower is the cushion we need to keep the momentum of growth going, drive employment and continue supporting our communities.
“The unprecedented levels of volatility – further complicated by geopolitical crises – mean that businesses across the sector need more support to continue the recovery and growth we’ve seen over the past year.'
Manhas concluded, 'Extending the VAT cut past 1 April will offer a crucial buffer for businesses like ours. Ultimately, it will help to reduce costs being shared onto consumers as we manage the compound challenges of inflation, keeping up the franchisee and investor support needed to grow, and balancing rising fuel, supply and staff costs.”