Night Time Industries Association Expresses Deep Concerns Over Ongoing Challenges Faced by Sector Amidst UK Inflation Rate Drop
Michael Kill, CEO of the Night Time Industries Association (NTIA), has voiced deep concerns about the challenges faced by businesses within the hospitality and night time economy sectors.
His comments come as the UK inflation rate dropped to 6.7% in August, which on the surface is a positive development for the wider economy, is not reflective of the realities on the ground for businesses in the night time sector.
In a statement today, Michael Kill said, “As CEO of the Night Time Industries Association, I am deeply concerned about the ongoing challenges our businesses face.
“The drop in inflation is not telling the true story on the ground, with consumer and business challenges being exacerbated by the Government grinding out a long-term strategy whilst ignoring the critical issues happening within key sectors today.”
While the overall inflation rate has shown a decline, businesses within the night hospitality and time economy sectors continue to face mounting pressures. Rising operational costs, coupled with reduced consumer spending, have created an even tougher environment for this vital sector within the UK economy.
The impact of multiple crises and the associated restrictions has left many nightclubs, casinos, bars, and entertainment venues struggling to recover.
Kill further emphasised, “Our businesses are grappling with ongoing business critical challenges, from staffing shortages to supply chain disruptions. The hospitality and night time economy is a critical component of our cultural and economic landscape, and we urge the government to consider targeted support measures in the November budget, to ensure the survival and recovery of these businesses.”
The Night Time Industries Association is calling for a comprehensive review of the support available to businesses within the hospitality and night time sectors, starting with an extension of the current business rates relief, but also for the government to acknowledge the unique challenges they face.
The NTIA remains committed to working collaboratively with policymakers to find solutions that will enable these businesses to thrive once more.