The Island’s three Wetherspoon pubs -Fowlers & Co. in Union Street, Ryde; The William Coppin at Coppins Bridge and The Man in the Moon in St James Street, both in Newport – are backing a national Tax Equality Day, aimed at highlighting the benefit of a VAT reduction in the hospitality industry on 24th September.
Prices at the Wetherspoon pubs will be reduced for one day only, in order to show the benefits of a VAT reduction to 5%.
At present all food and drink in pubs is subject to 20% VAT, compared with supermarkets which benefit from a zero VAT rate.
Fowlers & Co. manager, Neil Longley, said:
“We are proud to support the campaign to reduce the level of VAT within the pub industry.
“Customers coming to the pubs on Wednesday 24th September will find the price of their food and drink is lower than normal.
“We are keen to highlight the amount customers would save if VAT in pubs was lowered. So, for example, the total price of a meal and drinks for a customer at the pubs would be reduced from £10 to £9.25 on Tax Equality Day.”
Wetherspoon chairman Tim Martin added:
“A reduction in the level of VAT on a long-term basis will generate growth and create jobs in the important leisure and hospitality sector.
“Creating tax equality between pubs, restaurants and supermarkets will fulfil many Government objectives.
“It will create more jobs and it will raise the amount of taxes the Government receive, since pubs and restaurants pay more taxes and create more jobs than supermarkets.
“It’s a win win situation for the Government, voters and our industry.”