One fifth of night time businesses face collapse, NTIA warns
Furthermore, 78% of those polled wanted to see an extension of business rates relief seen during the pandemic
One fifth of night time economy businesses face collapse before January without government support in the Autumn Statement, according to the Night Time Industries Association (NTIA).
Almost three quarters (72%) of businesses stated that they were barely breaking even or making a loss.
Over half (55%) of the businesses polled by the NTIA were independents and almost all (95%) businesses have called for VAT to be cut for the sector.
Furthermore, 78% of those polled wanted to see an extension of business rates relief seen during the pandemic.
Michael Kill, CEO of the NTIA, said: “Without swift and decisive action from the government, we are on the precipice of witnessing the collapse of the night time economy and creative industries. The extension of business rates relief and a VAT cut are not only necessary for immediate survival but are crucial for the survival of businesses, but also in laying the foundation for future growth and job creation.
“The Night Time Industries Association remains committed to working collaboratively with the government to develop and implement effective policies that will safeguard the future of these vital industries. The time to act is now, and NTIA urges policymakers to prioritise the hospitality, night time economy and creative industries in the Autumn budget this week.”
