UKHospitality (UKH) has responded to the announcement made by the Chancellor, Rishi Sunak, in which he said millions of households across the UK will benefit from a new package of targeted government support to help with the rising cost of living.
CEO Kate Nicholls (pictured) said, “The announcement of a £15bn package to ease the cost of living crisis is a welcome signal that the Government is targeting inflation.
'Direct, focused cash payments for lower income households will hopefully shore up some consumer confidence but now we need a commensurate focus to reduce the costs of doing businesses, to reduce further price rises.'
Kate went on, “The Government needs to identify and accelerate policies that will cut costs, minimise red tape and accelerate growth.
'A reiteration of its commitment to cut business taxes to incentivise investment in high streets, people and innovation would also help to settle nerves across many sectors, including hospitality. Then we can collectively take a longer term look at the best raft of measures for inclusion in the autumn Budget.”
Rishi said he would consult with businesses about how best to cut taxes to boost investment ahead of the Budget, setting out a range of options to replace the 'super-deduction' tax break on capital spending that ends next year.