UK Inflation Drops to 4.6% in October: A Superficial Victory as Night Time Economy Businesses Warn of Prolonged Struggle Ahead says NTIA15 November 2023 - Press release
Today's release of the October inflation figures indicates a slight improvement, with the rate dropping to 4.6%. While this signals a move in the right direction, it remains imperative to acknowledge the persistent challenges faced by businesses, particularly within the Nighttime Economy sector.
Despite this marginal improvement, businesses on the ground continue to grapple with high operational costs and precarious trading conditions. The Nighttime Economy sector, in particular, remains extremely fragile, with a prevailing sentiment that tangible relief is yet to materialise.
The optimism surrounding the dip in inflation is tempered by the stark reality faced by businesses, echoing concerns that the positive trend has not translated into immediate alleviation of operational burdens. Many enterprises within the Nighttime Economy sector fear that livelihoods are at imminent risk, emphasising the urgency for government intervention to address the crisis comprehensively.
While the gradual decline in inflation rates signifies progress, there is a palpable consensus among businesses that tangible relief must extend beyond statistical improvements. Immediate and targeted support measures are deemed essential to safeguard businesses, jobs, and the overall economic vitality of the Nighttime Economy sector.
Michael Kill CEO NTIA Says
“This is no time to break out the champagne. For Night Time Economy businesses, it's a warning sign of ongoing hardship, not a victory lap.”
“The headline-grabbing numbers don't tell the real story – operational costs and trading conditions for Nighttime Economy businesses continue to be a challenge. The struggle is far from over, and the clock is ticking on livelihoods.”
“Behind the scenes, thousands of businesses are suggesting that the so-called victory won't pay the bills. The stark truth is, if the government doesn't act fast, job losses and closures are inevitable. It's time for more than just statistics – it's time for action.”
As businesses navigate the challenging landscape, stakeholders call for swift and decisive action from the government in the coming Autumn budget to address the persistent issues on the ground. The fragility of the Night Time Economy underscores the need for a holistic approach that not only acknowledges statistical improvements but also delivers tangible and timely support to businesses facing unprecedented challenges.