| 05 Dec 2023
The NTIA reacts following the announcement of the Chancellor’s job support scheme

MUMBAI: The NTIA Reacts following the announcement of the Chancellor’s job support scheme and measures to see business through the winter.

Says Michael Kill, CEO NTIA: “We welcome the Chancellor’s announcement of the New Jobs Support Scheme and the extension of the self-employed scheme, which we very much hope will stave off the feared cliff edge of the Job Retention Scheme for many businesses. We are relieved he has seen the plight facing businesses, employees and the self-employed across the UK and thrown a much needed life-line to hundreds of thousands of workers in the night-time economy alone who were terrified of losing their livelihoods.

However, we are seeking more clarity about what this announcement means for the majority of businesses in the night-time economy who do not know when, or if, they will be able to reopen their doors. These businesses cannot be allowed to collapse as the diversity and creativity of the UK’s night-time economy will die with them.

We are also very concerned that the extension of business support loans will result in more painful debt for those already overburdened financially, many of whom are languishing in up to three quarters of commercial rent debt with no certainty on when this will be due.

More support will be needed. The majority of our sector is still unable to even open and trade. Night-time economy businesses have been unfairly targeted by the new 10pm curfew, which we believe has no scientific basis and will prevent businesses from rebuilding the necessary revenue to stay afloat. The Government must rethink this curfew and consider further sector-specific support for our industry if it wants to save Britain’s most loved cultural institutions.”

The NTIA represents the enormous success story that is the UK’s fifth biggest industry, which accounts for at least 8% of the UK’s employment and revenues of 66 Billion per annum (that’s 6% of the UK total). Members include; Independent bars, nightclubs, restaurant owners, pubs, festival and live music event operators as well as music managers and other supporters of the benefits of the Night-Time Industry from the world of business, culture, media and politics. This is an important sector to the economy that supports a huge amount of people and must be supported and protected.