Following the Chancellors plans for economic growth announced yesterday (January 29) UKHospitality is urging the Chancellor to bring forward a specific growth plan for hospitality, and other sectors in the foundation economy, that can deliver growth swiftly.
Kate Nicholls, Chief Executive of UKHospitality, said:
“Driving economic growth is rightly the Government’s top priority, but we need to see a plan for growth that reaches the whole economy.
“Big infrastructure projects are much-needed but the benefits won’t be realised for years or decades to come. In comparison, hospitality and the foundation economy can deliver growth now, if it is properly backed.
“Hospitality was the biggest driver of economic growth in November, demonstrating that we are already on the strongest growth path, despite the intense cost pressures our businesses face.
“We need a clear growth plan for the foundation economy, which can deliver change everywhere and for everyone, as one of the largest employers in the country. Backing hospitality is an investment in vibrant towns, cities and communities – an essential component of creating investment hotspots.
“That plan has to start with reassessing the changes to employer NICs, which hammer sectors like hospitality and will be the single biggest blocker to growth and investment.
“The Chancellor recognised the power of businesses to drive growth, create new jobs and generate new opportunities. My message is to back a sector like hospitality that can do that now, and deliver for the economy, jobs and communities.”