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NTIA calls on new UK Prime Minister Liz Truss to aid with continuing cost crisis

Chief executive of the Night Time Industries Association Michael Kill has congratulated Liz Truss on becoming the new Prime Minister of the UK, but has said that there is still a lot to do in order to help businesses that make up the night time economy.

Truss was named the new leader of the Conservative party earlier today, meaning she is set to replace Boris Johnson as Prime Minister.

“We would like to congratulate Liz Truss on becoming the new Prime Minister, and look forward to continuing the relationship with the Government under the new administration,” said Kill.

“It would be hard to disguise the frustration and anxiety experienced across the industry, as we have had to patiently watch the leadership campaigns play out over the last four weeks.

“It is now vital that the new Prime Minister takes this opportunity to be decisive in tackling the cost inflation crisis, over the coming days, by reducing VAT across the board, extending business rates relief and implementing an energy cap for small medium enterprise businesses.”

He added: “Over the coming weeks without an effective intervention from the Government, we will see thousands of businesses go to the wall and millions of jobs lost.”

Last week, the NTIA also said that over 6,000 letters had been sent by those in the night time sector to local MPs demanding an emergency support package.

Escalating cost inflation, energy prices and a cost-of-living crisis have had an effect on all, including small music venues, hospitality and clubs.

Kill said: “Over the last three weeks we have seen an escalating public presence of closure notices from pubs, bars, restaurants, venues and clubs across the UK, with over 70% of businesses stating they will be financially compromised within weeks, all of which have stated untenable operating costs as reasons to close.

“Over 6,000 businesses have written directly to their constituent MPs demanding that they make representation to the new Prime Minister and Chancellor as they take over office, on a survival package which will allow them financial headroom to get through this crisis, urging them to reduce VAT, extend business rates relief and implement an energy cap for small, medium enterprise businesses.”

Image: Office of U.S. Ambassador to U.K., Public domain, via Wikimedia Commons