Fridays joins VAT cut calls
16 July, 2012
TGI Friday’s has become the latest operator to lend its support to the Jacques Borel VAT Club, the cross-sector campaign calling for the government to cut VAT in the hospitality sector to 5%.
As Peach Report has reported, the Club was set up to pull together industry voices on the issue of VAT and use the examples of countries that have already cut levels as an incentive. The Club argues that reducing VAT in hospitality triggers new jobs and spending that can in turn fire up the wider economy.
TGI Friday’s chief executive Karen Forrester said: “We have seen from the results of VAT reductions in other countries that there is a direct link to job creation through growth in the eating out industry. At Friday’s we are continually focused on people development and job creation, which in turn drives shareholder value so we see this as a chance to grow our family further.”
TGI joins a list of heavyweight Club members from across pubs and restaurants including Pizza Hut, Subway, J D Wetherspoon, and Fuller’s. Jacques Borel, founder of the Club, said: “I’m delighted to be able to welcome TGI Friday’s to membership of my VAT campaign. A targeted VAT reduction is a great way for the Government to generate employment in a cost-effective way.”
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