DESPERATE London business bosses today demanded a new rescue package after government advice to be cautious about socialising in the run-up to Christmas triggered a fresh wave of crippling cancellations.
Hospitality, entertainment and retail sector leaders said trade had “fallen off a cliff" with cancellation rates running at up to 70 per cent in restaurants and even higher for large Christmas parties. They warned of “thousands and thousands" of London businesses going to the wall in the new year if they do not get urgent support in the form of further reductions in VAT and extended business rates relief.
It came as key sectors of the London economy effectively began to shut down early for Christmas, missing out on the lifeblood of vital revenue at their busiest time of year.
Clive Watson, chairman of the City Pub group, told the Standard that he was closing the group's venues in the City and other office-dominated areas tomorrow – five days early as there was “no one around".
This story is from the December 16, 2021 edition of Evening Standard.
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This story is from the December 16, 2021 edition of Evening Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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