Night-time economy 'currently losing 40 businesses a week'

By James McAllister

- Last updated on GMT

Night-time economy 'currently losing 40 businesses a week' says Night Time Industries Association

Related tags: Night time economy, Coronavirus

The Night Time Industries Association (NTIA) has renewed calls for the Government to immediately extend financial support measures, claiming the sector is currently losing around 40 businesses a week.

The group, which represents 1,200 independent bars, clubs and live music venues across the UK, believes a huge proportion of night-time economy businesses will not survive past February, and is urging Chancellor Rishi Sunak to take action now to avoid the loss of thousands more businesses and jobs.

It is understood Sunak is planning to wait until the March Budget to set out what the next phase of the Government's financial package for business will look like.

“Urgent action is needed from the Chancellor to extend the current furlough and self-employed provision, as well as extend the business rates holiday and VAT relief for wet led sales businesses until the end of 2021, to save hundreds of thousands of businesses and jobs, before he sets the Budget," says Michael Kill, NTIA CEO.

"A huge proportion of businesses will not survive past February, and we are currently losing an estimated 40 businesses a week with over 650,000 jobs lost already, and further job losses when furlough comes to an end in April.”

"Businesses are under an immense amount of pressure to manage their workforce and their financial commitments without any foresight, they are in desperate need of a clear long term strategy in their fight to survive the pandemic."

The NTIA's call follow similar pleas from fellow sector trade bodies UKHospitality​ and the British Beer & Pub Association (BBPA)​.

Last week, the Confederation of British Industry (CBI) also called on the Government to announce extensions to business support measures​, in order to ensure the survival of firms until the economy reopens.

In a letter to the Chancellor, CBI director-general Tony Danker called for the furlough scheme, business rates holiday and deferral of VAT to be extended until at least the summer.

Like Kill, Danker said the announcement of such extensions will be needed in the next few weeks, ahead of the Budget, to help protect UK companies through the spring.

It was recently reported that Sunak is understood to be weighing up another extension of the Government’s furlough scheme​, with officials also believed to be exploring policies similar to the Job Retention Bonus and the Jobs Support Scheme.

Related topics: Business & Legislation

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