UK inflation surged to 3.6% in June, exceeding the Bank of England's target of 2%. This rise is expected to put pressure on household budgets and businesses facing escalating operational costs. Chancellor Rachel Reeves announced significant financial services reforms aimed at reducing risk-averse regulations and restoring confidence in UK markets. Industry leaders, particularly from hospitality, expressed concerns about the inflation spike, calling for urgent, sector-specific relief to alleviate tax burdens and operational challenges associated with rising costs and labor shortages.
Today's spike in inflation is extremely troubling for businesses across the hospitality and night-time economy. Without meaningful action on tax, energy prices, National Insurance, and business rates, many nightlife venues, bars, and late-night operators, already strained by soaring costs, labour shortages, and reduced consumer spending, risk being pushed beyond breaking point.
After years of disruption and instability, our industry is preparing to step up its calls for targeted support to relieve mounting tax and cost burdens.
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