Comment from Michael Kill, CEO of Night Time Industries Association
“We had hoped the Bank of England would be confident enough to lower interest rates, but their decision to hold at 5%, coupled with inflation remaining stagnant, is another blow for night-time economy businesses. Although inflation is steady, businesses won’t feel the benefit of any shift for months to come. This, along with the barrage of policy changes—ranging from employment rights to Martyn’s Law—and constantly shifting operating conditions, leaves our sector struggling to build a foundation to recover from.”
“With the Autumn budget approaching, the government must provide targeted support for SMEs and cultural businesses, including extending business rates relief and cutting VAT. While immediate action is critical, long-term reform is equally vital to ensure stability for the sector.”
“The message from the industry is clear: allow us to recover—we need stability. The night-time economy is a cornerstone of UK culture and the wider economy. The Chancellor must act now to protect businesses, jobs, and communities before it’s too late.”
