The BII is hugely disappointed with today’s Spring Statement from the Chancellor.
Whilst the increased boundaries for National Insurance contributions will help workers in our sector and consumers alike, the measures are nowhere near enough to ensure the future growth that our pubs will need to begin their recovery in earnest.
With VAT returning to 20% on 5th April, significant price rises across the board are now inevitable to counter the huge inflationary costs for our nations’ vital and vibrant pub businesses.
Steve Alton, CEO of the BII, (pictured), commented, “Whilst the Chancellor has implemented a number of measures that undoubtedly will reduce the pressure slightly on cash-strapped consumers, the reality for our members is that they have to significantly grow revenues against pre-pandemic figures to even stand still.
“With devastated profitability, ongoing repayments of pandemic specific debts and rising staff and energy costs, these small businesses needed much more support to enable them to trade out of their fragile positions.
“We have consistently made the case for ongoing investment in our key sector, operating in every community, being at the heart of levelling up across the UK. The lack of ongoing support is a further significant and potentially fatal blow to these businesses.'
Alton closed, “We will continue to work tirelessly with Government to secure the longer term support our sector will need to rebuild, and we will do everything we can now to support our members through the incredibly difficult months and years ahead.”