Sacha Lord says government has 'failed businesses' as new report shows UK has lost ‘billions’ from the hospitality industry
The UK has lost billions of pounds in income from the pub, restaurant and nightclub industry in the post-pandemic period, according to a new report. The hospitality business contributed nearly £37 billion in gross domestic product to the UK economy in 2019, but this had dropped to £24 billion by 2021.
“The report shows some small signs of recovery, but it is clear that the industry is some way behind the rest of the economy. It is now vitally important that the government take the proactive step to cut VAT in the March budget, for all businesses across the hospitality and night time economy sectors, allowing the sector the financial headroom to recover.”
“The government has been engaging with hospitality, but the voices at the table are the CEOs of the big corporates,” he said. “I know they met with the CEO of Nandos and Burger King. How does that help? Though we see them on every single high street, they actually only make up 20% of the sector. The independents make up 80%.“It just highlights how much we need support. It’s not ‘just a pub’. It’s not ‘just a club’. It’s not ‘just a theatre’.
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