The Night Time Industries Association (NTIA) has released the findings of a new poll examining the impact of the upcoming tax raids from the Fall Budget on employees and consumers in the night time economy.
The survey was conducted with 200 participants – consisting of 100 employees and 100 consumers – providing a snapshot of financial results, spending habits and the wider impact on businesses in the sector.
This follows the release of a damning report from accountants KPMG and the Recruitment and Employment Federation which highlighted that job vacancies experienced their sharpest decline in the 4 years following the Chancellor’s budget tax raid.
Michael Kill, CEO of NTIA said, “While the minimum wage increase was designed to provide financial relief, our latest survey reveals significant concerns from businesses, employees, and consumers in the night-time economy.
“The rising cost of living, coupled with increasing pressure on businesses, means the expected benefits are at risk of being overshadowed by increasing challenges.
“Today’s devastating report from KPMG, which shows that job vacancies experienced their sharpest fall in the four years following the Chancellor’s Budget tax raid on businesses, reinforces the findings of our survey. These developments highlight real and growing concerns for businesses struggling to stay afloat, employees facing uncertainty, and consumers feeling the pressure.
“Policymakers must urgently address these issues and provide targeted support to ensure the resilience of this important sector amidst ongoing economic change.”
