The survey, which is undertaken in conjunction with Christie & Co and supported by CGA Strategy, is used to ensure the body has the most comprehensive picture of the industry to present to Government and to ensure its messaging is effective.
This year the trade body has extended the survey to include hotels alongside pubs, bars, restaurants, and nightclubs in order to broaden the research.
UKHospitality chief executive Kate Nicholls said: “This ground-breaking survey will help us in our efforts on behalf of all hospitality businesses to demonstrate to the Government ours is a sector that can drive UK economic recovery, if given the right support.
Survey crucial to the sector
“This report has historically shaped and informed our dialogue with Government and never has such dialogue been so crucial to the sector.”
UKH has worked with the Government, media, and the public in order to develop a robust case on unlocking the industry’s full potential as the biggest engine for growth in the economy and ensure the industry’s needs are effectively represented.
Hospitality businesses have recently benefited from a reduction is VAT from 20% to 12.5%, due to ongoing pandemic, which was vital to survival of many businesses across the sector.
The sector creates £130bn in economic activity, generates £39bn of tax for the Exchequer, represents 10% of UK employment, 6% of businesses, 5% of GDP and is the 3rd largest private sector employer in the UK; double the size of financial services and bigger than automotive, pharmaceuticals and aerospace combined.
Facing a cliff edge
Nicholls added: “Hospitality faces a cliff edge in April when VAT is set to return to 20%, business rates will rise and labor costs will increase – and this is on top of existing cost pressures and debt.
“This is why the Government must keep VAT at 12.5% beyond next April and reduce business rates costs in 2022/23.”
All respondents will receive a summary of the survey, which has previously proved a valuable tool for businesses to assess their own operations compared to industry peers, upon its publication in April.
To fill in the survey, please click here.