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ABTA outlines Budget wish list for travel sector
ABTA has detailed its demands from the Chancellor in next week’s Budget.
Despite a more positive outlook following the easing of restrictions, there is still a need f to extend business support measures, CEO Mark Tanzer says in a new blog post.
Despite the more positive outlook for international travel, following the easing of restrictions, it will take time for travel to get fully back on its feet and there remains an urgent need for the Chancellor to extend business support measures.
ABTA wrote to the Chancellor outlining what the travel industry needs in the Budget.
“In our submission we asked the Chancellor to use next week’s Budget to:
Provide an update on the additional £1.5bn to provide targeted support for businesses which have been unable to benefit from the existing business rates relief.
Urge local authorities to prioritise travel businesses for financial support under the Additional Restrictions Grant funding – with £300m left unspent, councils need to make sure that travel agents and tour operators are getting this much-needed funding.
Provide tailored financial support for the travel sector in the form of specific recovery grants for travel agents, tour operators and other businesses dependent on international travel.
“We also stressed the need to make sure the right taxation framework is in place to support the industry’s recovery. Several of our members have reported concerns with plans to increase corporation tax to 25% from 2023, especially with the industry on a much slower recovery trajectory.”
ABTA has also supported wider calls for reform to the current business rates system.
“The Chancellor also needs to look at the role of APD in the industry’s recovery. Over the last year and a half, we have seen cuts to VAT to benefit the domestic tourism sector, but these cuts have no impact on companies selling package holidays or on the outbound travel sector. APD is the only comparable measure that HM Treasury has at its disposal. ”
ABTA supports a short-term reduction in this tax to boost recovery, but also continues to highlight the need for fundamental reform to deliver a more environmentally efficient regime.”
Learn more about : ABTA ( United Kingdom )
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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