Night-time Economy: Coronavirus

(asked on 9th July 2020) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what financial support he is offering the night time economy.


Answered by
Kemi Badenoch Portrait
Kemi Badenoch
President of the Board of Trade
This question was answered on 14th July 2020

The night-time economy is an essential part of the UK economy, bringing in an estimated £60 billion every year. Businesses in this sector have access to a range of support measures including, but not limited to, the Retail, Hospitality and Leisure Grant Fund, government-backed loan schemes, VAT deferral, and a 12-month business rates holiday for eligible retail, leisure and hospitality businesses in England.

Many businesses involved in the night-time economy, such as live music venues and theatres, will benefit from the Government’s world-leading £1.57 billion support package for the arts, culture and heritage industries announced on 5 July. The sector will also benefit from the further support announced by the Chancellor on 8 July including a temporary reduction in the VAT rate to 5% for accommodation, attractions and the hospitality sector and the Eat Out to Help scheme.

As we cautiously reopen the economy, the government will continue to engage with businesses and representative groups with the aim of ensuring that support provided is right for businesses involved in the night-time economy and for the economy as a whole.

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