Greater Manchester’s night-time economy adviser fears venues could close “at a faster rate than during the pandemic” following the Chancellor’s autumn statement. Sacha Lord warned a reduction in consumer spending would create a “severe contraction in the sector,” in what he described as “a very sad state of affairs”.
As chancellor Jeremy Hunt took to the Commons to unveil the government’s plans on Thursday (November 11), the Office for Budget Responsibility (OBR) confirmed the UK is now in a recession expected to last a year. Households are facing soaring food and energy bills, tax hikes and high inflation.
The OBR forecasts the UK’s inflation rate to be 9.1 percent this year and 7.4 percent next year, with living standards expected to reduce by 7 percent over the two financial years to 2023/24. It also warns more than half a million people would lose their jobs.
