The Night Time Industries Association (NTIA) has announced that the Institute of Hospitality is backing its #LeaveNoOneBehind campaign. The initiative aims to support the survival and recovery of their combined membership of over 20,000 businesses in the UK.
This united effort comes at a crucial moment before the Spring Budget announcement on Wednesday 6th March 2024, as Birmingham and West Midlands NTE businesses grapple with unprecedented challenges exacerbated by the consequences of economic failures within Birmingham City Council. Despite previous exclusions of wet lead sales businesses by the government, the NTIA remains steadfast in their commitment to support all businesses and avoid marginalization, as seen during the pandemic.
Since 2020, over 23,000 businesses have closed, with over 6,000 establishments shutting down in the past year, resulting in significant economic and community losses. The hospitality sector has witnessed a doubling in businesses entering administration during this period, highlighting the urgent need for assistance.
Escalating operating costs and pandemic-induced debts have pushed many businesses to the brink of collapse. A recent NTIA survey revealed that 7 out of 10 businesses are barely breaking even or operating at a loss, with almost half unsure of their survival in the next year.
The NTIA urges the government to take immediate action in the Spring Budget by:
- Implementing a reduced VAT rate of 12.5% across the hospitality, late-night economy, and events sectors for the next 12 months
- Freezing Alcohol Duty for the next 12 months
These measures are crucial to providing businesses with the financial support necessary for survival and recovery, ensuring no one is left behind and enabling the nighttime economy to flourish once more.
You can help by emailing your MP asking for a reduction in VAT. Follow the link below and enter your postcode into the box. A suggested draft email will come up for you to send to your MP. It is vitally important that you put your details into the form, to ensure that the letter is received and considered by your constituent MP.