The Bank of England has announced that interest rates will remain at 4.75%. This decision comes amidst rising inflation, which hit 2.6% as of November 2024. Business owners express grave concerns as the hospitality sector, critical to economic recovery, faces soaring operating costs and restricted access to capital, making it difficult to sustain operations. Michael Kill, CEO of NTIA, highlighted that these mounting pressures are unsustainable for thousands of businesses in the industry.
Michael Kill commented that the current financial situation for businesses is not sustainable, stating that 'You cannot foster recovery while tying the hands of one of the economy's most dynamic sectors behind its back.' This emphasizes the need for the government to take actionable steps to support the night-time economy during this challenging time.
Kill urged for the Spring Budget to be a critical moment for reassessment by the government, stating the need for 'targeted interventions, including relief on business rates, VAT reductions, and energy support,' crucial for ensuring the future viability of the industry.
The overarching message to the Chancellor is that 'the night-time economy cannot survive on rhetoric,' indicating a clear demand for concrete actions rather than merely verbal assurances in order to protect this vital economic sector.
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