Trade group UKHospitality and JD Wetherspoon boss Tim Martin both urged Rishi Sunak to keep VAT frozen at 12.5% in tomorrow’s mini-budget. The tax is due to revert to its pre-pandemic level of 20% from April.
The call for support came as borrowing figures showed government finances were in better shape than expected.
UK borrowing in February came in higher than forecast at £13 billion, but the Office for National Statistics revised down its estimate for government borrowing in the 10-months to January by £13 billion. It means the government is now £26 billion below the Office for Budget Responsibility’s forecasts for the current financial year.
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