UK Hospitality has launched a new campaign aimed at redressing the “hammer blow” inflicted on the sector by the 2024 Budget, outlining a three-part plan to return the industry to growth.

The #TaxedOut campaign highlights the fact that hospitality has lost 69,000 jobs since the Autumn announcement, and urges the introduction of lower business rates, reforms to NICs, and a cut to VAT.

“Hospitality businesses are reporting jobs being lost, hours cut, investment cancelled and businesses closing,” said UKHospitality. “A sector that has grown faster than the wider economy in recent years has been badly damaged.”

“The burden on hospitality is unfair. Even before the Budget, we pay the most tax of any sector in the economy – as much as 75 percent of pre-tax profit. Our recent survey of hospitality businesses showed that: one third are now operating at a loss, 76 percent have had to increase prices, 63 percent have reduced the hours available to staff.”

The #TaxedOut campaign calls for a maximum business rates discount for hospitality premises under £500,000 rateable value, while exempting larger hospitality properties from the business rates surcharge.

It also urges the extension of NICs exemptions to include young people and people returning to work from welfare, and a reduction of hospitality VAT to bring it in line with the EU average of 10 to 13 percent.