NTIA Says Budget Overlooks Thousands of Independent Night Time Economy Businesses

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Michael Kill CEO NTIA says:

“While we welcome the news on draught beer and fuel duty, this Government continues to overlook thousands of independent businesses, including nightclubs, venues, festivals, events, theatres, casinos, suppliers, and millions of employees and freelancers across the Night Time Economy. This budget has not gone far enough and will, without doubt, see a huge swathe of SMEs and independent businesses continue to struggle financially or disappear in the coming months.”

“They are continually having to firefight crisis after crisis, from onerous operating costs to rail strikes, supply chain issues and workforce shortages, and no meaningful support to stem the immediate situation.”

“The lack of clarity on corporation tax thresholds and the extension of the Energy Relief Scheme will be subject to further details being announced by the Government. This follows the letter to the Government yesterday from the energy regulator OFGEM, highlighting the flaws in the scheme and how it impacts businesses, as energy companies profiteer from the most vulnerable sectors, with inflated security deposits, energy rates and uncapped service charges.”

“Without the reduction in VAT, many of these businesses will have to consider their future, which will have a devastating impact on local communities, families and individuals who have committed their lives and livelihoods to this sector.”

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