Jul 8, 2020 - World

British government to subsidize 50% off restaurant meals

An outdoor restaurant in London on July 6, 2020. Photo: Tolga Akmen/AFP via Getty Images

The British government will give diners a 50% discount on their restaurant bills as part of an effort to jumpstart the country's economy after emerging from its coronavirus lockdown, the U.K. Treasury announced Wednesday.

The state of play: Under the "Eat Out to Help Out" plan, each patron will get up to £10, or $12.57, off their meal — not including alcoholic beverages — if they eat out between Monday and Wednesday at businesses that sign up for the program.

Bars and restaurants reopened in some portions of the country on Saturday after being shuttered for more than three months.
The U.K.'s accommodation and food industry has furloughed 1.4 million people since March, according to the Treasury, second only to retail.

By the numbers: The program will cost the government an estimated £500 milion, or about $629 million, according to Yahoo Finance.

The government estimates it will protect 1.8 million jobs, with about 130,000 businesses predicted to be eligible.
It also announced steep cuts to the value added tax for the food, hospitality, and attraction industries — from 20% to 5%.

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