The Night Time Industries Association (NTIA) is sounding the alarm as the sector faces an unprecedented crisis, with 7 out of 10 businesses either barely breaking even or operating at a loss. Without urgent action in the form of an extension to business rates relief in the upcoming budget on 30th October, the future of the night-time economy looks increasingly perilous.
A flash poll of over 500 businesses conducted by NTIA has revealed the stark reality confronting the industry, as it contends with rising operational costs and insufficient support. The looming threat of a £40 billion tax hike and spending cuts, with further increases to National Insurance (NI) employer contributions, alongside potential hikes in fuel and alcohol duties, would only exacerbate an already unsustainable situation. Business owners across the sector are bracing for impact, warning that such additional financial burdens could trigger a seismic collapse as early as Q1 2025.
Michael Kill, CEO of NTIA, commented:
“The night-time economy is at a breaking point. Our latest poll clearly shows that without the extension of business rates relief, seven out of ten businesses will face closure within months. The rising costs across the board, including fears of increases to National Insurance, fuel, and alcohol duties, have left the sector struggling to survive. Without urgent intervention, we risk losing a vital part of the UK’s cultural and economic landscape.
We implore the government to recognise the severity of the situation and extend critical support to ensure the survival of the night-time industry. The time to act is now—before we witness widespread closures and job losses that will devastate communities across the country.”
