Eat Out to Help Out a billion pound bonanza

Eat Out to Help Out has worked better than expected. With four days left of the scheme, 64 million meals have been ‘sold’ with 84,000 restaurants taking part, many of whom are yet to claim their money back, meaning the final number of discounted meals will be far higher.

Particularly as the scheme has become more popular as the weeks have gone on. Week one hit 10 million meals, in week two the total tripled to over 30 million.

So it’s on a trajectory to hit, or even exceed, 100 million meals. If all of those claim back the maximum £10, Rishi could be looking at settling up a billion-pound bill, a bit like when you order lots of sides in Wagamama.

Has it been worth it? Without a doubt. It’s given restaurants a desperately needed boost to the bottom line, but it’s also boosted consumer confidence in going out again after months of being ordered to remain inside.

Hence the debate about whether it should be extended, or deployed at another time in the future in order to maintain the positive momentum. Both options remain a possibility. Plenty of restaurants are extending it throughout September anyway.

The only troubling aspect of the success surrounding EOHO is that it distracts from the challenges that remain at large, namely rent and the looming end of the furlough scheme – evictions and job losses look inevitable.

So EOHO has been a positive thing, but as it draws to a close it’s a reminder for the chancellor that serious issues remain that can’t be solved by a half price Nando’s.