Joe GallopThe Night Time Industries Association (NTIA) said the new UK Prime Minister Liz Truss must tackle the cost inflation crisis in the coming days by reducing VAT, extending business rates relief and implementing an energy cap for small medium enterprise businesses.
Truss was announced as PM today, 5 September, and is under immediate pressure to announce a plan to tackle soaring energy costs. It is understood she is considering a freeze on energy bills, with an announcement potentially scheduled for this week.
NTIA CEO Michael Kill said, “We would like to congratulate Liz Truss on becoming the new Prime Minister, and look forward to continuing the relationship with the Government under the new administration.
“It would be hard to disguise the frustration and anxiety experienced across the industry, as we have had to patiently watch the leadership campaigns play out over the last 4 weeks.
“It is now vital that the new Prime Minister takes this opportunity to be decisive in tackling the cost inflation crisis, over the coming days, by reducing VAT across the board, extending business rates relief and implementing an energy cap for small medium enterprise businesses.
“Over the coming weeks without an effective intervention from the Government, we will see thousands of businesses go to the wall and millions of jobs lost.”
NTIA’s statement follows the National Outdoor Events Association (NOEA) calling on companies in the live industry to take a new approach to help tackle the crisis. In a statement, the organisation said it wanted to see, “more collaboration between businesses, more transparency, less profiteering and more open, empathetic, and kind business”.