Highly profitable multinational fast-food operators are poised to be the primary beneficiaries of a cut in VAT on meals to 9%. This is a positive development for these companies, as it directly increases their profit margins or allows them to offer more competitive pricing. The cut could stimulate consumer spending on dining out. A potential negative aspect is that smaller, independent restaurants might struggle to compete with the pricing advantages of larger chains. Government fiscal policy is the key driver. Advice for investors: Companies in the fast-food sector, especially large multinational operators, may see improved profitability. This could be a favorable sector for investment, provided the overall economic conditions support consumer spending.