NTIA reaction to ONS figures released today.
Michael Kill CEO NTIA says:
“We are in a recession, all be it in its complete definition, Consumer facing businesses like hospitality and night time economy fared badly, which will deepen the levels of uncertainty in the sector and impact consumer confidence even further.”
“It is expected to last for several years and see the economy shrink by up to 1.6%, all of which points to a lack of stability from Government and will place further pressure on Government to deliver on the budget next week.”
“Sectors at the sharpest end of this crisis, will require direct support to weather this hugely challenging trading period, erosion of profits due to onerous costs, has led to even the strongest of businesses barely breaking even.”
“With cost inflation being seen as a worse crisis than the pandemic, the budget must have a level of support at least in parallel with support given during the pandemic, with VAT, business rates and energy relief extensions at the top of industry asks.”
