Is this the final straw for for some smaller hospitality businesses?
With the hospitality sector continuing to face a slow recovery from the pandemic and recent challenges as a result of the cost-of-living crisis and soaring energy bills, many associations acting on behalf of the hospitality industry are warning that the news of the interest rate increase to 1.75% may be the final straw for many of the smaller businesses.
At a time when hospitality businesses, many of which are our long-standing clients, should be upbeat with the final lifting of Covid-19 restrictions, they are once again facing challenging times.
Many do not want to pass rising costs onto their customers who are facing the same difficulties with increases to their energy, fuel and food bills. However, for some there is no choice and finding the right balance is difficult.
The Government, and the new Prime Minister, must put in place a host of measures that will support the industry through another challenging period, with many calling for lower business rates and a reduction in VAT. Businesses need to be protected and the hospitality industry is the first point where economic growth can be stimulated.
Let’s all continue to support the hospitality industry wherever we can!
#business #hospitality #hospitalityindustry #growth
