The entertainment industry reacts to the fall announcement

The Night Industries Association (NTIA) said the fall announcement did not go far enough and lacked clarity, as entertainment trade bodies and industry groups responded to the Prime Minister’s announcement.

Eremy Hunt sent his fall statement to MPs in the House of Commons on Thursday, in which he said he was making tough decisions to ensure a “shallower recession”, but the economy The economy is still projected to contract by 1.4% in 2023.

Michael Kill, chief executive of NTIA, a trade body that represents UK business in the night economy, said: “This government is guilty of neglecting thousands of businesses, millions of people. employees and freelancers in the night economy, this budget has not gone far enough and still lacks clarity and is sure to see a large influx of SMEs and entrepreneurs independence disappeared in the coming months.

“As businesses were supposed to prepare for the busiest period of the year, they are now looking at their futures and will remember the fourth failed attempt to provide the budget to ensure safety. protect businesses at the end of the crisis.

“Regardless of the human impact, this will have a devastating impact not only on business owners but also on individuals and families who have dedicated their lives and livelihoods to this sector. “

Meanwhile, Sacha Lord, Greater Manchester’s nighttime economic adviser, warned that after the fall declaration, entertainment venues could close faster than during the pandemic.

He tweeted: “Executives are being squeezed out and I fear we will now see massive cuts in staff, reduced opening hours and closed locations with faster than during the pandemic. It is a very sad situation.

“We will now see a decline in consumer spending in the coming weeks and months, at a time when operators need the most support as they recover from debt burdens. related to the pandemic.

“Disposable income is fundamental to the UK economy and I am extremely concerned that the policies outlined today will create a severe contraction in this sector. Spending on luxuries like eating out is, of course, the first expense in the cutback period.”

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Jon Collins, the chief executive of Live, said the PM’s fall statement “did little” for the live music industry.

The industry group represents the interests of the industry, uniting 14 major live music associations and representing more than 4,000 artists.

Following the announcement, Collins said: “While we welcome the Government’s desire to bring stability to the UK economy, little has been done today to secure the future of the industry. our £4.5 billion and the 200,000 people the industry employs.

“Unprecedented operating conditions are pushing our industry to the brink, as much-loved venues close, tours are canceled and artists leave the industry.

“The hangover of the pandemic combined with the rising cost of living has left 54% of people saying they are less willing to participate in live entertainment, putting incredible pressure on the live music sector.

“Today, we continue to call for the reintroduction of lower VAT rates on ticket sales to inject cash into the profits of struggling businesses, putting us on par with many European countries. and ensure the future of live music for all.”

In response to the fall announcement, Paul Pacifico, chief executive officer of the Independent Music Association, called for investment in the next generation of creatives.

He said: “The AIM welcomes the Government’s proposal to cut corporate taxes, but with small independent businesses increasingly squeezed by rising costs, UK music will suffer unless as we create greater impetus to invest in the next generation of entrepreneurial and creative talent.

“While we understand the need to cut costs in the current budget, we urge the Government to seriously consider measures to support the future of the industry in the spring statement.

“For example, extending tax breaks for the creative industry to cover British music could play an important role in encouraging investment and maintaining a healthy music ecosystem.”

https://www.independent.ie/entertainment/entertainment-industry-reacts-to-autumn-statement-42152170.html The entertainment industry reacts to the fall announcement

Fry Electronics Team

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