Hospitality, retail and leisure sectors urgently need financial support to survive the impact of the Omicron variant and Plan B restrictions. Marble Arch London BID, along with over 100 UK destinations, is calling on the Government to provide a ‘Business Booster’ of support measures and support the retail, hospitality and leisure sector as many businesses struggle to survive, with an estimated £4bn already lost by the hospitality sector alone.
Hospitality is the UK’s third largest sector, employing 10% of the UK workforce and producing £130 billion of economic activity. These sectors are vital to our economic recovery and the current measures in place do not reflect the current concerns faced by hospitality businesses.
The Marble Arch BID and its partners, British BIDs, BID Foundation, Association of Town & City Management, Night Time Industries Association, and New West End Company, have written to the Prime Minster and the Chancellor of the Exchequer to urge government to provide a ‘Business Booster’ of support measures.
The Business Booster campaign outlines three support measures which are needed to secure the future of retail, hospitality and leisure businesses:
- An increase of business rates relief, from the current 25% discount to 100% discount, for the first three months of 2022, followed by tapering support of 50% Business Rate Relief from 1stApril 2022 through to 30th June 2022.
- An extension to VAT reduction, to 31 March 2023 at 12.5%, to allow the hospitality, retail and leisure sector to respond and support the re-emergence of the UK economy.
- Grants up to £15,000 by rateable value to businesses within the hospitality, retail and leisure sector to enable them to survive in light of a festive trading period in tatters, a bleak outlook for the new Year and the impending rent quarter date of 25th December 2021.
The cross-sector letter is supported by the BID Foundation, British BIDs, ATCM, and over 100 UK BIDs. Read the letter here.
The retail, hospitality and leisure sector is crucial to the future health of the UK economy and its recovery. It employs millions of people and generates billions in sales. We cannot afford to abandon it and so many of its businesses - whose fears for survival are very real.
Retail, hospitality and leisure are the beating heart of Marble Arch and Edgware Road. Marble Arch London BID represents 112 businesses in this cohort.
We are therefore backing this campaign for the good of the UK economy and in support of our Marble Arch London BID members who make our area so special.
Kay Buxton, Chief Executive, Marble Arch London BID