2 Wetherspoon pubs on the Isle of Wight will cut the price of all food and drink by 7.5% next Thursday (13th September).
Fowlers & Co. in Union Street, Ryde and The Man in the Moon in St James Street, Newport are supporting a national Tax Equality Day, aimed at highlighting the benefit of a VAT reduction in the hospitality industry.
At present all food and drink in pubs is subject to 20% VAT, compared to supermarkets which benefit from a zero VAT on all food. As a result, supermarkets are able to use that saving to sell alcohol at a discounted price.
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 Thursday September 13 will find the price of their food and drink is lower than normal.
“We are keen to highlight the amount customers could save if VAT in pubs was lowered permanently.
“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 and help the high street, of which pubs are an integral part.”
Wetherspoon chairman Tim Martin said:
“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, including the creation of new jobs and the amount of taxes it receives.”
Prices at the pubs will be reduced for 1 day only.