The decision not to cut interest rates makes the need to address the business rates cliff edge in April more urgent says UKHospitality.
Chief executive Kate Nicholls (pictured) said it was disappointing that the rates had remain unchanged, after another month of stablised inflation.
“These positive signs should have emboldened the Bank [of England] to take decisive action that would inject some confidence into businesses and, crucially for hospitality, begin to relieve the pressure of Covid loan repayments,” she said.
“These repayments remain a significant burden for businesses, particularly with interest rates remaining high.”
Without the rate cut, the need for the government to avoid a business rates cliff edge in April becomes more urgent.
Kate added: “Venues face their bills quadrupling when relief ends, which is why we’re calling for action and for the government to introduce a lower, permanent and universal multiplier for hospitality.”
