NTIA Welcomes Bank of England's Decision, Cites Small Respite for Struggling Sector Businesses
01 August 2024 - Press releasePress Statement from Michael Kill, CEO of the Night Time Industries Association
"As CEO of the Night Time Industries Association, I welcome today's announcement by the Bank of England to reduce interest rates from the 16-year high of 5.25 percent to 5% Percent."
"This decision is a significant step in the right direction for our sector, which has faced immense challenges over the past few years. High interest rates have placed a substantial burden on businesses within the night time economy, exacerbating financial pressures and hindering recovery efforts post-pandemic. The reduction in interest rates is a positive signal that will help alleviate some of these financial strains, providing much-needed relief to our members."
"Lower interest rates will reduce borrowing costs, enabling businesses to invest in growth, create jobs, and continue to provide the vibrant nightlife that is so vital to the cultural and economic fabric of our cities. This move will also help to stimulate consumer spending, which is crucial for the survival and prosperity of nightlife venues, events, and associated industries."
"While this decision is a step forward, we must remain vigilant and continue to advocate for further measures that support our sector. The night time economy is a critical part of the UK's overall economy, and it is essential that we ensure its sustainability and resilience in the face of ongoing challenges."
"We look forward to working with the Bank of England, government officials, and other stakeholders to build on this progress and secure a thriving future for the night time industries."
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