“Night-time economy”- is it back on its dancing feet?

The Night Time Industries Association (NTIA) has recently revealed that due to the pandemic, 393,000 jobs have ended across the night-time economy.

Included in this figure is 86,000 roles in the “night-time cultural economy” (NTCE). This economy refers to nightclubs, theatres, cultural venues, casinos, bars, restaurants and more.

According to leisure consultants, CGA and, researchers Make, who conducted the research, the night-time economy was developing at a good rate over the last ten years.

In 2019, it reached its peak. During this year, the NTCE managed to take on 425,000 workers, which was a 12.2 per cent increase since 2010. The sector was at this time valued at £36.4 billion.

Plans for 2020-2024 meant that the NTCE should have continued to grow alongside other night-time industries at a rate of nine per cent.

However, it instead experienced worker shortages, job and venue losses then ultimately closures due to COVID-19.

To get on the right track to recovery, the Head of the NTIA Michael Kill called on Chancellor Rishi Sunak to extend the reduced VAT rate for hospitality businesses until 2024. Currently, the rate is at 12.5 per cent.

Additionally, he asked for no more duty to be added to alcohol and for the Government to not introduce vaccine passports for entry to night-time events.

He said these factors will only “further damage a sector essential to economic recovery”.

Vaccine passports

These passports are only currently required in Scotland and Wales. They were due to launch in England until the Health Secretary, Sajid Javid, announced the plans were scrapped.

If you need help or advice on creating a business recovery plan, please contact our team today and find out how we can help you and your business.

Posted in Accountancy, Accounting, Blog, Business, Covid-19 - Tourism and Hospitality, Covid-19 Economy, Economy, Employment and payroll, leisure and hospitality.