Speaking about today’s budget, Julia Lo Bue-Said, Spokesperson for the UK Outbound Travel Group, said:
“The UK Outbound Travel Sector has performed well in recent years and has considerable potential to drive economic growth across the country. Whilst it is undoubtedly a relief not to see any significant changes to the taxes on our sector specifically, this Budget follows a series of measures that are squeezing the small and medium sized businesses that make up the bulk of the outbound travel sector. This will hold back growth in our sector and limit our ability to drive the growth we all want to see.
The cumulative impact of increased national insurance contributions, set to increase even further due to the Chancellor freezing thresholds today, and mounting tax burdens, means that independent travel businesses are struggling to invest, create and protect jobs, and grow.
A number of the Budget announcements today are likely to leave households facing more financial constraints, prompting them to delay major purchases and reduce discretionary spending. We are concerned that this may reduce consumer confidence, prompting a slowdown in our sector and undermine economic growth at a time when we need consumer activity to drive the economy.
The outbound travel industry supports thousands of jobs across the country, generates significant economic activity and has shown remarkable resilience. Our sector can play a bigger role in the Government’s growth agenda, and we are primed to contribute even more to the UK economy.”