Night Time Economy Faces Uncertainty - Time is Running Out as Sector Pins Future on Autumn Budget
29 July 2024 - Press releaseStatement from Michael Kill, CEO of the Night Time Industries Association
"Following today's address by the Chancellor of the Exchequer regarding the £20 billion deficit left by the previous administration, we are closely monitoring the developments and potential solutions being considered. As we anticipate the new government's Autumn budget, scheduled for 30th October, today's narrative indicates that difficult decisions lie ahead.
We are relieved that, for now, our sector remains unaffected. However, we must emphasise that the night-time economy is extremely fragile. Any abrupt changes in the upcoming budget, such as reductions in the current relief on Business Rates or increases in taxation, could have catastrophic consequences for our industry.
What we urgently need is a comprehensive budget that fosters stability and generates growth, considering the unique challenges faced by property-led businesses through business rates and cultural businesses through a potential new VAT cut. This support is crucial to help us navigate the period between reaching the recently achieved 2% inflation rate and the time it takes for this figure to show tangible reductions in current operating costs, thus supporting frontline businesses grappling with exorbitant expenses.
As we await the Autumn budget, we urge the government to recognise the delicate state of the night-time economy and to implement measures that will sustain and support our industry through these challenging times."
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