The Chancellor delivered the Spending Review today, which sets out the Government's spending for the next five years.
The spending announcements were largely related to the health service, defence and housing, with few measures specifically relevant to hospitality.
There were broader commitments that are of interest to hospitality businesses:
- 1
Community
Regeneration projects are being backed by the establishment of a Growth Mission Fund that will expedite local projects that are important for growth.
- 2
Scotland
The Scottish Government will receive an average extra £2.9 billion across the duration of this Spending Review through the operation of the Barnett formula.
- 3
Skills
There will be a £1.2 billion investment into skills and training, each year to support people into training and apprenticeships.
- 4
Transport
There will be more than £15 billion invested into local transport projects across England’s city regions by 2031-32.
There will be a further £2.3 billion from 2026-27 to 2029-30 for transport improvements outside of those nine city regions.
- 5
Wales
The Welsh Government will receive an average extra £1.6 billion over the Spending Review period through the Barnett formula.
Our response
Kate Nicholls, Chief Executive of UKHospitality, said: “Thriving high streets and hospitality are absolutely essential to the Government’s mission of renewing Britain and there were some announcements in today’s spending review that can contribute to that ambition.
“Significant investment into skills, development and apprenticeships should be accessible to hospitality businesses and we’re encouraged by the potential for improvements to regional transport to benefit venues, consumers and workers alike.
“However, it remains the case that the overwhelming challenge holding back hospitality from meeting its potential is the current tax burden imposed upon it.
“As we look towards the Budget and the rest of the Parliament, it must be a priority to bring down the cost of doing business. The business rates reform being finalised this Autumn will be a critical element of that, and there needs to be the maximum level of discount applied to hospitality businesses.
“With the Industrial Strategy set to be published imminently, hospitality’s ability to deliver socially productive growth must be recognised and harnessed to deliver economic growth, jobs and regeneration in towns and cities right across the UK.”
