Business leaders working in London's night-time economy have expressed their ‘frustration and anger’ at the lack of governmental support the sector receives.
Between March 2022 and December 2023, 3,011 night economy businesses in and around the capital closed – the steepest fall for any English region.
Michael Kill, CEO of the Night Time Industries Association, said: ‘The numbers speak volumes about the profound impact of the past three years, undoubtedly stirring frustration and anger within our community.’
He added: ‘Regrettably, our sector has been overlooked twice in governmental budgetary considerations, becoming entangled in political manoeuvres aimed at garnering votes.
‘These figures undeniably underscore the crisis gripping our sector, compelling the Government to take decisive and immediate action.’
Business owners are calling on the Government and Mayor of London to help the struggling sector, including a reduction in the 20% VAT rate and for rates to continue to be reduced.
