A coalition representing over 100,000 UK businesses in the night-time economy, cultural sector, and SMEs is urging the Chancellor for urgent government intervention. Their letter, backed by over 20 associations, stresses the dire challenges these sectors face, including unsustainable operating costs and significant reductions in consumer spending. They advocate for reducing VAT to 15% and reversing National Insurance increases to ease the financial burden on these industries. With many businesses threatening closure, the group emphasizes the need for immediate relief to preserve cultural heritage and economic vitality in the UK.
The letter highlights the alarming financial pressures facing businesses. Energy prices, rents, supplier costs, and wage increases, combined with the repayment of legacy pandemic debt and rising NICs, have created an unsustainable trading environment.
92% of nightlife businesses have already cut staff, operating hours, or essential investments, while 40% warn they will close within six months without urgent support.
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