The Meetings Industry Association (mia) has reacted to the Chancellor of the Exchequer’s Spring Budget 2024, which was presented in the House of Commons today.
The mia’s chief executive, Kerrin MacPhie, said on the following areas:
Growth
“It is welcome news that the economy is expected to grow by 0.8% this year and 1.9% in 2025 and suggests we have turned a corner. Our latest research suggests similar growth forecasts within the sector, so we are optimistic that we will see some welcome stability over the next couple of years.”
Hospitality Industry
“It is great the government has declared its support for the hospitality industry and the ‘Great British Pub’. Despite this, it is extremely disappointing that the government has yet again failed to recognise that hospitality is so much more. It encompasses so many other areas, including business meetings and events, that contribute hugely to the UK economy.”
Air Passenger Duty
“The announced one-off adjustment to Air Passenger Duty on business class tickets will make hosting business meetings and events in the UK less attractive for international events. While we understand the notion that this will boost government revenue to fund tax cuts, UK government must recognise the fierce competition we’re facing from overseas destinations and venues.”
SME tax relief
“Confirmation that the Growth Guarantee Scheme (the renamed Recovery Loan Scheme) will run until the end of March 2026 – is good news for smaller operators. The scheme will offer a 70% government guarantee on loans to SMEs of up to £2 million in Great Britain, and £1 million in Northern Ireland.”
Childcare
“The move to allow an extra 60,000 parents to enter the workforce by continuing to fund free childcare hours for parents of children aged more than nine months will assist the sector in its ongoing recruitment challenge. We know from our latest mia Insights report, which will be published imminently, that vacancies remain for nearly three-quarters (72%) of organisations in business meetings and events, so to have this continue for the next two years is welcome news.”
Events are productions too
“Orchestras, museums, galleries and theatres will all benefit from a permanent 45% tax relief for touring productions, as well as 40% relief for non-touring productions. Business meetings and events are often huge productions, so it disappointing that similar relief hasn’t been considered for the sector. International congresses such as the large medical association events or even the annual party political conferences contribute massively to regional communities, however fail to receive any recognition once again.”