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Pubs and restaurants cut prices in tax cut campaign

Credit: PA Wire

More than 15,000 pubs, bars and restaurants across the UK will cut the price of food and drink by 7.5% today as part of a campaign to reduce VAT.

Campaigner Jacques Borel called on the hospitality industry to make Tax Equality Day their busiest day of the year to highlight the benefit of a VAT reduction.

Prices will be reduced for one day to show the benefits to consumers of a VAT cut from 20%.

Mr Borel has achieved VAT cuts in a number of European countries, including France, Germany, Belgium and Finland.

He said: "I am confident that Tax Equality Day will be a great success and that the price reductions will be welcomed by customers.

"At present all food and drink in pubs is subject to 20% VAT, compared to supermarkets which benefit from a zero VAT rate.

Our message is clear - a reduction in the level of VAT on a long-term basis will generate growth and create jobs in the important leisure and hospitality sector."

One-in-four homeowners 'fear interest rate rise'

Credit: Yui Mok/PA Wire

One in four mortgage holders fear they will be in financial trouble when interest rates start to rise, research has found.

Some 27% of those surveyed for the Building Societies Association (BSA) and charity the Money Advice Trust think they will be in difficulty when the base rate eventually moves off its historic 0.5% low.

One in 14 (7%) people said that they would be in serious financial trouble if mortgage rates and repayments changed as they expect over the next three years, while a further one in five (20%) said this would cause them slight financial problems.

Around 39% of those surveyed said they will be forced to cut spending on holidays and eating out to cope with rate rises, while one-fifth plan to reduce spending on essentials such as clothing and food.

Jimmy Choo to float on London Stock Exchange

A woman points at a Jimmy Choo heel in a store window Credit: Reuters

Luxury shoe brand Jimmy Choo is to float on the London Stock Exchange.

JAB Luxury, owner of the British firm, is offering existing shares in a deal which could see the firm valued around at least £700m.

It said it would be targeting a minimum free float of at least 25% of existing shares in Jimmy Choo.

The luxury brand, known for its high heels, had adjusted core profits of £27.6m in the first half of 2014.

260 Dairy Crest jobs to go in site closures

Dairy Crest said there is lower demand for glass bottles Credit: PA Wire

Dairy Crest Group is to shut two of its sites, with a loss of 260 jobs.

Some 200 jobs will go at its Hanworth bottling dairy in west London, which is expected to close in 2016, while 60 jobs will go in the closure of its cream potting facility in Chard, Somerset, late next year.

The dairy food company said it was closing the two sites due to lower demand for glass bottles and financial viability.

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