On the 19th March 2014, Chancellor of the Exchequer George Osborne unveiled his plans to decrease national debt with the annual budget. Many changes were outlined including £200m to be given to local councils to tackle potholes, £140m made available for flood defence repairs, £7bn package to cut manufacturers energy bills as well as scrapping the planned fuel tax increase in September.
Many businesses in the hospitality industry throughout the country were sitting with crossed fingers in the hope that the expected rise on alcohol duty be less than they had originally thought. Chancellor George Osborne in fact lent a helping hand to the already struggling industry by outlining methods to stop supermarkets selling alcohol lower than the minimum price and undercutting pubs and clubs. The Chancellor then went on to outline more positives to the drinks and hospitality industry introducing a freeze on cider and Scottish whiskey duty as well as 1p cut in tax on beer.
Dartford based business Mobile Bar Hire Ltd, who provide portable bar solutions to the private and corporate market, have felt the recent struggle of the drinks and hospitality industry and have welcomed the budget with open arms. Mobile Bar Hire Ltd Director Ragbhir Sandhu said ‘Due to the budget we have frozen our prices on alcohol as there is no further tax implemented and duty on fuel has been frozen. Keeping in mind that we are a mobile outlet, thanks to this budget we can still deliver alcohol to your event at an industry-leading price.’
During the period of the ‘Credit Crunch’ hospitality was one of the many industries which felt the effects of people spending less the quickest. From weddings, parties through to corporate events such as product launches and team building events the industry was affected.
Do ANY of the changes, reductions/increases announced by the Chancellor impact you? We would love to hear from you, please contact us.