In its Budget submission to the Treasury, the trade body has urged the Government to introduce measures that will help unlock economic growth; boost workforce skills and opportunities; and bring communities together up and down the country.
Failure to provide support would ‘jeopardise tens of thousands of jobs', putting at risk hospitality businesses struggling to deal with the rising costs of property, labour and goods.
Included in the submission is a 10% cut to the business rates multiplier for one year; a raise of the employer National Insurance Contributions threshold to help support businesses to pay higher wages; and a reduction in VAT for the accommodation and food and drink industry.
A post-Brexit review of EU regulations is also called for, with a view to remove or amend any 'unnecessary' regulations that hamper business such as state aid rules relating to business rates relief.
“The upcoming Budget is a key moment for the Government and new Chancellor to demonstrate their commitment to the sector and to recognise that we are a serious player and a powerful driver for positive economic growth,” says UKHospitality chief executive Kate Nicholls.
“Hospitality is well placed to contribute positively, having achieved higher and faster growth in output, wages and productivity than the economy as a whole in recent years.
“Our message remains simple, clear and consistent: unleash hospitality’s potential and it will unleash Britain’s potential. With the right stable and supportive tax and regulatory framework we can boost employment, skills and career opportunities, secure investment in regeneration and unlock the value of our social capital to unleash Britain’s global potential.”
Sunak, who was catapulted into the role of Chancellor last week following the resignation Sajid Javid, is set to deliver the Budget on 11 March, although sources suggest it could be delayed.
