A total of 70% of 453 Night Time Industries Association (NTIA) companies have reported adverse impacts from industrial action during the holiday season, prompting calls for government intervention.
In a flash poll, NTIA member businesses have urged for the UK Government to introduce tax reductions, energy support, an alcohol duty freeze, restructuring of business rates and a National Insurance reduction to combat the financial challenges faced.
“As the CEO of the Night Time Industries Association, I want to highlight the critical concerns we are currently facing,” said NTIA chief executive Michael Kill.
“The Night Time Economy is grappling with the widespread impact of external factors, unpredictable consumer behaviour, ongoing financial challenges, and the limited sustainability of businesses without support.
It is imperative that we address these issues with targeted government interventions.
The findings underscore the fragility of the Night Time Economy, emphasising the urgent need for coordinated efforts to ensure its survival and facilitate a robust recovery.”
The poll aimed to evaluate trading levels during the festive period before seeking government support in the upcoming Spring Budget.
The budget is due to be delivered on March 6 by Chancellor Jeremy Hunt and will include the government’s tax and spending plans as well as new growth and borrowing forecasts.
Amid current operational costs, 55.7% of the responding businesses estimate that they can last up to four months without further support.
“The figures present a stark reality for the Night Time Economy, with businesses grappling with decreased footfall, revenue challenges, and the prolonged impact of industrial action,” read an NTIA statement.
“The NTIA urges the government to consider these findings seriously and implement measures in the coming Spring Budget to support the survival and growth of businesses within the Night Time Economy.
Targeted interventions are crucial to ensure the sustainability of businesses that play a vital role in the economic landscape.”