Ahead of the chancellor’s Spring Statement on 23 March, the Night Time Industries Association (NTIA) said up to 50% of business across the night time economy could reach a “tipping point” in the next 12 months.

Businesses in the night time sector have seen cost inflation soar over the last few months, with many relying on the budget to alleviate some of the financial pressures, the NTIA said.

The association said that businesses face “rocketing energy and insurance bills”, with even small premises seeing prices double or treble compared to previous contract rates, costing them up to an extra £60,000 per year.

NTIA CEO Michael Kill said, “We must now rely on the chancellor once again, in his mini budget, to sure up the financial support and relief to allow headroom for businesses to survive, in light of the current debt levels and cost inflation, specifically around VAT, energy and fuel.

“Billions of pounds in public funding will be wasted, if the chancellor lifts taxes within the budget, crippling an industry that has worked hard to survive, only to be let down at the last hurdle.

“The rhetoric from Government of ‘leave no one behind’ is becoming a distant memory for businesses that committed to supporting the Government’s public health strategy, but have been left once again awaiting their fate.”