THE LEADING PUBLICATION FOR THE HOSPITALITY SECTOR & LICENSED TRADE Issue 200
Technical Recession “Hugely Concerning” For Hospitality… www.CLHNews.co.uk
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CLHNews
CLHNews
….As Chancellor Once Again Urged to Cut VAT
Hospitality Business Mentoring since 1989
EKE EQUIPMENT LIMITED
CLHNews
• TOASTERS • STAINLESS STEEL SINKS & TABLING •
News that the UK economy fell into recession at the end of last year as households cut back on spending in response to spiralling interest rates and rising living costs, has been described as hugely concerning by sector leaders. A recession is defined as two consecutive three-month periods where the economy contracts rather than grows, and UK gross domestic product (GDP) is estimated to have fell by 0.3% in the fourth quarter of 2023, following an unre-
vised fall of 0.1% in the previous quarter. Hospitality sector performance contributed to these decreasing figures, as consumer-facing services fell by 0.7% in 2023's final quarter, principally driven by a fall in food and beverage service activities and retail trade, and the Chancellor is once again being urged to cut VAT in his forthcoming budget. (Continued on Page 3)