Following the announcement of the UK’s new Prime Minister Rishi Sunak on 24 October, UKHospitality Chief Executive Kate Nicholls said:
“This is a critical time for hospitality businesses as they battle soaring energy costs, workforce shortages and waning consumer confidence, so stable political leadership is absolutely critical.
“Now is the time to steady the economy, deliver for the needs of the country and support businesses to help drive growth and create jobs.
“Hospitality clearly displayed its ability to grow prior to the pandemic and was on the road to a strong recovery before the energy crisis hit. It can return to those levels through pragmatic decision-making that eases the acute challenges businesses are facing.
“We worked very closely with the new Prime Minister in his previous role and we look forward to working with him again to address the current strain on businesses and bolster consumer confidence. I would encourage him to extend business rates relief, reform the entire business rates system in the longer term and lower the current rate of VAT.”
As the Government has gone on to announce a two-week delay to its fiscal statement, the hospitality industry expressed varied reactions...
CEO of Night-Time Industries Association, Michael Kill commented:
"Night-time economy businesses across the UK are on the edge, with thousands at risk as the Government delays the main budget announcement once again."
"Without immediate and comprehensive support for businesses in the coming budget, we will see irreversible damage."
Kate Nicholls shared on social media:
"If the credibility premium is halved the difficult tax and spend decisions may not cut so deeply and households will also see the impact via mortgages".