The Night time cultural economy report
A new report released today has found that the UK’s night time cultural economy sector has been ravaged by the pandemic, with around 86,000 jobs lost in the sector since the 2019 high.
The report, commissioned by the Night Time Industries Association (NTIA), shows for the first time the value of the UK’s night time cultural economy. Night time culture accounts for 1.6% of GDP – or £36.4 billion –and 425,000 jobs across the UK. There are approximately only 960 nightclubs remaining in the UK.
The night time economy has been significantly scarred by the pandemic recovery. The government has described the measures as “transitional” – moving toward a high wage economy, however business closures and job losses in the night time sector tell an opposing story.
The Total night time economy’s economic value (Pre COVID) was measured at £112 Billion – 5.1% GDP – with 1.94 million jobs. This huge sector needs to be protected. The revenue is recorded at £50.5 Billion in 2019.
With the budget announcement incoming, this time could not be more crucial.
Conservative MP Christian Wakeford reminded “as we look to rebuild from the devastation of the pandemic, we must not leave this vital sector behind.”
Michael Kill, CEO of the NTIA, commented saying “It is crucial the Chancellor use the upcoming Budget to support this beleaguered sector. We are calling for him to extend the 12.5% rate of VAT on hospitality until 2024, include door sales in that reduced rate of VAT, because the present system punishes nightclubs that rely on door sales rather than selling tickets, and for him to ensure there are no increases in Alcohol Duties – our sector really cannot afford any additional burdens.”
The Report: A study of the Night Time Economy
In partnership with the NTIA, NDML has co-authored this report. It lays out the economic, cultural and community value of the night time economy and the contribution of the night time cultural economy within the UK.