The detailed report from Night Time Industries Association (NTIA) reveals the ravaging effects of the COVID-19 on the UK Nightlife sector, stating that the cultural economy of the sector accounts for 1.6% of GDP i.e., £36.4 billion in 2019. This chunk of the economy contributes to 425,000 jobs across the UK, as per the report.
CEO of the Association Michael Kill revealed the implications of the pandemic with clear evidence of significant economic ‘scarring’. He leads the opposition against the government's proposals for vaccine passports, said that the new data shows that “it is the worst possible time to introduce vaccine passports, which will further damage a sector essential to the economic recovery.”
The report was published on October 11, after the Association has made a series of recommendations to the Chancellor on how to support the sector ahead of the upcoming Budget.
The CEO briefly stated,
"We are pleased to be able to present today this important and timely piece of work quantifying, for the first time, the size of the night time economy in the UK.
Important, because in my 25-year career working in UK nightlife, it has always struck me as so odd that we did not have a proper accounting of the value of this important sector. Today’s report puts that right and is long overdue.
It’s timely because, at this moment, governments in Scotland and Wales are pressing ahead with chaotic vaccine passport plans, and the UK Government refuses to rule out their use in England. It is the worst possible time to introduce vaccine passports, which will further damage a sector essential to economic recovery.
It is crucial the Chancellor use the upcoming Budget to support this beleaguered sector. We are calling for him to extend the 12.5% rate of VAT on hospitality until 2024, include door sales in that reduced rate of VAT because the present system punishes nightclubs that rely on door sales rather than selling tickets, and for him to ensure there are no increases in Alcohol Duties – our sector really cannot afford any additional burdens.”
Courtesy: Night Time Industries Association
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