Budget tax raid could lead to job cuts and reduced shifts for the hospitality sector – London Business News | Londonlovesbusiness.com

The Night Time Industries Association (NTIA) has released the findings of a new poll examining the effects of the upcoming tax increases from the Autumn Budget on employees and consumers within the night time economy.

Conducted across 200 participants – 100 employees and 100 consumers – the survey offers a snapshot of opinions on financial outcomes, spending habits, and the broader implications for businesses in the sector.

This follows the release of a damning report from KPMG accountants and the Recruitment and Employment Federation highlighting that job vacancies have seen the sharpest fall for 4 years following the Chancellors budget tax raid.

Michael Kill, CEO of the NTIA said, “While the minimum wage increase is designed to provide financial relief, our recent survey reveals significant concerns from businesses, employees, and consumers within the night time economy.

“Rising living costs, coupled with increasing pressures on businesses, mean the intended benefits risk being overshadowed by mounting challenges.

“Today’s damning report from KPMG, showing job vacancies have seen their sharpest fall in four years following the Chancellor’s Budget tax raid on businesses, substantiates the findings of our survey. These developments highlight the real and growing concerns for businesses struggling to stay afloat, employees facing uncertainty, and consumers feeling the squeeze.

“Policymakers must urgently address these issues and provide targeted support to ensure the resilience of this vital sector amid ongoing economic shifts.”