UKHospitality believes this can be achieved by improving access to capital for businesses and sticking to the Government’s roadmap of lifting restrictions after 21 June 2021.
The Covid-19 pandemic has wiped out £80.8Bn off hospitality’s sales in 12 months, according to the latest edition of the UKHospitality Quarterly Tracker with CGA.
Kate Nicholls, chief executive of UKHospitality, said: “The hospitality sector stands ready to play its part in helping to power the recovery, create jobs and reinvigorate local communities, but that will only be possible if our businesses return to viability at the earliest opportunity.
“Firstly, we need the Government to deliver on its commitment to dropping Covid restrictions and measures on 21st June. But even then, many companies will be facing huge rent debts and other business costs so access to capital through loans is critical to ensure they can get back on their feet again as soon as possible.
“The revitalisation of hospitality will yield a substantial return on investment – in terms of economic growth, employment, levelling up, high street regeneration and Government revenues. Brighter days are ahead but we urge the Chancellor to ensure that his welcome and substantial support for the sector doesn’t go to waste.”
UKHospitality proposes working with the Treasury to develop a more targeted loan scheme that recognises the particular difficulties that the hospitality sector faces.
Read the full letter below: