lastlid
29th May 2012, 10:23
A chance to initiate a "fat tax" gone? Ot a triumph for one of the Uk's traditional foods?
"Bakery chain Greggs is celebrating following the Government's U-turn on the unpopular "pasty tax".
Chancellor George Osborne caved in on his plans to charge the 20% rate of VAT on hot baked snacks such as pasties and pies.
The climbdown, which followed a campaign to scrap the tax that was supported by 300,000 signatures, saw Greggs shares rise 8%.
Greggs chief executive Ken McMeikan said: "This is fantastic news for the customer more than anything. If we had to put up prices by 20% in the current marketplace when consumers are having a very difficult time we expected there would be an impact on sales but we don't know what it would have been. I think the Government deserves to be applauded."
The U-turn means the 20% tax will now be charged only on cooked pies and pasties that are kept hot, but not those that are still warm after coming from the oven"
Read more: http://www.belfasttelegraph.co.uk/news/local-national/uk/greggs-hails-pasty-tax-uturn-16164939.html#ixzz1wFUyLh3c
"Bakery chain Greggs is celebrating following the Government's U-turn on the unpopular "pasty tax".
Chancellor George Osborne caved in on his plans to charge the 20% rate of VAT on hot baked snacks such as pasties and pies.
The climbdown, which followed a campaign to scrap the tax that was supported by 300,000 signatures, saw Greggs shares rise 8%.
Greggs chief executive Ken McMeikan said: "This is fantastic news for the customer more than anything. If we had to put up prices by 20% in the current marketplace when consumers are having a very difficult time we expected there would be an impact on sales but we don't know what it would have been. I think the Government deserves to be applauded."
The U-turn means the 20% tax will now be charged only on cooked pies and pasties that are kept hot, but not those that are still warm after coming from the oven"
Read more: http://www.belfasttelegraph.co.uk/news/local-national/uk/greggs-hails-pasty-tax-uturn-16164939.html#ixzz1wFUyLh3c