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NTIA Says Chancellor’s Mini Budget has left Night Time Economy Businesses Out in the Cold!

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Michael Kill CEO NTIA Says:
“We are extremely disappointed with the Chancellor’s announcement this morning. It will be seen as a missed opportunity to support businesses that have been hardest hit during this crisis, causing considerable anxiety, anger and frustration across the sector as once again they feel that many will have been left out in the cold.”

“We have been extremely clear with the Government that the “Energy Bill Relief Scheme”, even with the announcement of the limited tax cuts on National Insurance, Corporation Tax and Duty, is unlikely to be enough to ensure businesses have the financial headroom to survive the winter, especially with yesterday’s announcement of the rise in interest rates from the Bank of England.”

“I would urge the Chancellor and Government to reconsider these measures, given the limited impacts of the current tax cuts on the immediate crisis for many businesses across the sector, the extremely vulnerable position the night time economy and hospitality sectors remain in, and re-evaluate the inclusion of general business rates relief and the reduction of VAT within these measures.”

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