Why Policymakers Must Help Small Businesses in the Tourism Industry
In the aftermath of the pandemic, the tourism and hospitality sectors have suffered a tremendous blow. However, the UK’s unrivaled attractions, coupled with favorable exchange rates, are likely to attract a wave of international visitors in the coming months to help these businesses. To ensure that small tourism and hospitality businesses thrive this summer, the Federation of Small Businesses (FSB) has created a Sunshine List to help boost tourism businesses.
Transport and Parking
Transport and parking play a critical role for both tourists and businesses in the hospitality industry. For instance, it is essential to ensure that transport runs smoothly, and the government needs to make sure the Pothole Fund is allocated fairly. Additionally, parking lots must be accessible on main streets, and increasing tourist hotspots should be encouraged to park and walk.
VAT and Fee Relief
The VAT threshold of £85,000 to £100,000 could limit growth in the hospitality industry, as many tourism businesses currently cease operations near the end of the fiscal year to avoid hitting the current limit and incurring additional costs. Raising this threshold could lead to significant growth for small businesses. Additionally, raising the fee relief for small businesses to £25,000 could remove 200,000 small businesses from the tariff system.
More Economical Energy Costs and Local Visitor Economy Associations
Small businesses in the tourism industry can experience high energy costs. Power companies should embrace the FSB’s proposal to allow small companies that negotiated their contract at the height of the energy crisis last year to ‘mix and extend’ their contracts to take advantage of lower wholesale prices. Moreover, it is essential for Local Visitor Economy Associations to devise plans that fully reflect the interests of small businesses.
The Urgent Need for Policymakers to Address the Challenges Faced by Small Businesses
The recent data from the latest Small Business Index (SBI) shows that there has been a big rebound in confidence in accommodation and food services, up 53.7 points to -17.8 points. However, the fact that it remains in the negative zone highlights the challenges facing the sector post-Covid-19. 77% of small tourism and hospitality businesses say they have some form of debt, compared to 59% before the pandemic. This means that the Government and other legislators must urgently consider ways to ease the burden on our tourism industry.
FSB National Chairman Martin McTague’s Perspective
FSB National Chairman Martin McTague said, “This summer presents a kaleidoscope of opportunities for small businesses in the hospitality and tourism sectors across the UK. There’s a wealth of things to do here, from historical sites to traditional seaside fish and chips, so it’s no wonder people flock here every summer.” Moreover, he is optimistic about the Met Office’s predictions of a warm summer coming true to give small businesses relying on tourists a boost.
According to Martin McTague, small businesses have already endured the profound impact of the pandemic and overcome numerous obstacles. However, they must navigate high inflation, which could lead to further challenges. Therefore, policymakers must take steps to help the tourism and hospitality sectors thrive in the current climate.
Policymakers Must Take Action to Help Small Businesses in the Tourism Industry
In conclusion, small tourism and hospitality businesses face significant challenges due to the aftermath of the pandemic. Therefore, policymakers must take action to ease their burden and help them thrive this summer. The Sunshine List created by the Federation of Small Businesses gives a roadmap to policymakers on the different steps they can take to help small businesses prosper. By working together, all stakeholders can create a thriving tourist industry and help the economy recover.
Summary:
The Federation of Small Businesses (FSB) has created a Sunshine List to help boost tourism businesses. Policymakers can nurture small businesses in the hospitality and tourism sectors by considering ways to ease the burden on the industry. There has been a significant rebound in confidence in accommodation and food services, up 53.7 points to -17.8 points. However, the fact that it remains in the negative zone highlights the challenges facing the sector post-Covid-19. Transport and parking play a crucial role in the tourism industry. Policymakers must consider raising the threshold for VAT and fee relief, creating more economical energy costs, and supporting Local Visitor Economy Associations.
—————————————————-
| Article | Link |
|---|---|
| UK Artful Impressions | Premiere Etsy Store |
| Sponsored Content | View |
| 90’s Rock Band Review | View |
| Ted Lasso’s MacBook Guide | View |
| Nature’s Secret to More Energy | View |
| Ancient Recipe for Weight Loss | View |
| MacBook Air i3 vs i5 | View |
| You Need a VPN in 2023 – Liberty Shield | View |
Policymakers have a golden opportunity to help small businesses make the most of the tourist season this summer when the holiday season kicks off, according to the Federation of Small Businesses (FSB).
The UK’s unrivaled attractions, coupled with favorable exchange rates, are likely to attract a wave of international visitors in the coming months, while budget-conscious Brits will look to get more bang for their buck with local stays.
Recent data from the latest Small Business Index (SBI) shows that there has been a big rebound in confidence in accommodation and food services, up 53.7 points to -17.8 points.
The fact that it remains in the negative zone highlights the challenges facing the sector post-Covid-19: 77% of small tourism and hospitality businesses say they have some form of debt, compared to 59% before the pandemic.
This means that the Government and other legislators must urgently consider ways to ease the burden on our tourism industry.
To help, FSB has created a Sunshine List to help boost tourism businesses this summer:
- Transport it needs to run smoothly, and the government needs to make sure its Pothole Fund is allocated fairly.
- Parking lot must be accessible on main streets, with increasing tourist hotspots park and walk
- raising the VAT The £85,000 to £100,000 threshold could lead to growth in the hospitality industry, as many tourism businesses currently cease operations near the end of the fiscal year to avoid hitting the current limit and incurring additional costs.
- He Fee Relief for Small Businesses the threshold would need to be raised to £25,000 to remove 200,000 small businesses from the tariff system.
- More economical energy Costs: Power companies should embrace the FSB’s proposal to allow small companies that negotiated their contract at the height of the energy crisis last year to ‘mix and extend’* their contracts to take advantage of lower wholesale prices.
- Local Visitor Economy Associations You must devise plans that fully reflect the interests of small businesses.
FSB National Chairman Martin McTague said: “This summer presents a kaleidoscope of opportunities for small businesses in the hospitality and tourism sectors across the UK. There’s a wealth of things to do here, from historical sites to traditional seaside fish and chips, so it’s no wonder people flock here every summer.
“Long-term weather forecasts are notoriously unreliable, but we expect the Met Office’s predictions of a warm summer to come true, giving small businesses that rely on tourists a boost.
“Small businesses have already endured the profound impact of the pandemic and overcome numerous obstacles, and now they must navigate high inflation. The improvement in hospitality confidence indicates the first green shoots of recovery, but they need continued care and support.
“Boosting our tourism and hospitality sectors with our Sunshine List this summer could make all the difference, enabling hospitality businesses to be the best they can be. In turn, this will mean that tourists can properly support our small business ecosystem, helping confidence jump into positive territory.”
FSB launches ‘Sunshine List’ of ideas to empower hospitality firms as tourism season kicks off
—————————————————-