UK Budget Increases Threaten Closure of Retail and Nightlife Venues

New National Insurance and wage hikes could lead to reduced business hours and widespread closures in the hospitality sector.

The recent UK Budget has raised National Insurance contributions and the minimum wage, impacting retail and hospitality sectors heavily.
Industry leaders warn that these changes could turn high streets into 'ghost towns' with reduced opening hours and fewer staff.
The Night Time Industries Association reports that 40% of bars, pubs, and clubs could face closure within six months without urgent support.
Businesses are considering measures such as cutting operational hours, raising prices, and delaying investments to cope with increased costs.
The government defends the tax hikes as necessary to address a fiscal deficit, promising future business rate relief to mitigate the impact.