NTIA Comments following an announcement this morning that Inflation has dropped to 3.2% according to the Office of National Statistics.
Michael Kill CEO NTIA Says
“It’s very hard to do anything but commend the slow in inflation with the recent report indicating a slight decline in inflation figures, now resting at 3.2%. However, it’s imperative to acknowledge that this decrease merely signifies a deceleration in price hikes, rather than a genuine alleviation of the burdens faced by businesses at the operational level. Despite this statistical dip, the reality ‘at the coal face’ remains unchanged – operating costs continue to suffocate our industry.”
“It’s crucial for the government to recognise that the path to recovery demands more than mere patience; it necessitates decisive fiscal action. Before the impending election announcement, we urge the government to address this pressing issue through a targeted intervention, particularly in the form of a VAT cut. Such a measure would inject much-needed relief into our struggling sector, enabling businesses to not only survive but thrive amidst these challenging times. Ignoring this imperative could risk prolonging the economic hardship faced by countless establishments within the Night Time Industries. We implore policymakers to act swiftly and decisively in support of our industry’s recovery.”
