Is Rishi going to keep hospitality alive?
Poised, confident, impressive: when speaking in Parliament this Thursday, Rishi Sunak became the Luke Skywalker of the hour for vanquishing the evil powers of lockdown (his heroism was only emphasised by the blonde Jabba the Hut slouching on the bench behind him, muttering “here, here” in a hopeless bid for a more starring role).
Indeed, the summer economic plan has brought “A New Hope” for hospitality companies, including Investor’s Champion favourites: J D Wetherspoon plc (LON: JDW) and Young & Co (LON: YNGA). After months of struggling with lockdown restrictions, the Chancellor is ensuring the hospitality industry “Strikes Back”, by unveiling his eat out to help out policies. This includes offering diners a 50% discount off their restaurant bill during August, as well as reducing VAT on hospitality and tourism to 5% (from 20%). Furthermore, Sunwalker has introduced a Job Retention Bonus, whereby the government will pay £1000 to UK employers for every furloughed employee who remains…