Part of 1. Questions to the Minister for Economy – in the Senedd at 2:10 pm on 16 November 2022.
The cost-of-living pressures are significant right across the night-time economy and the broader visitor economy, hospitality; any area where discretionary spend is involved is under pressure. It's the pressure from those businesses and their own costs, of course, so the energy costs and the inflation that we've seen go up again today to over 11 per cent, and it's worse than that in some sectors, of course. Food inflation has gone up even further. So, that's a challenge to the costs of businesses as well as energy, and, actually, when you're rely on people spending, as I say, discretionary spend over and above essentials, it shouldn't surprise people to know that in this sector there are real pressures and a number of businesses are already reducing their opening days or hours or both.
It's been made very clear to me that some businesses are concerned that they may not get to the end of the year, never mind get into the new year. It's why the choices that are going to be made tomorrow are so important on a whole range of fronts, not just the funding of public services, but what this means for people, for their pockets and for businesses that are relying on them being able to go out and spend. So, I'm not sanguine about the future, I'm genuinely concerned, and it's why I look for not just the choices there are to be made, but the long-term nature of those and the support that can be provided, and how the Welsh Government can then review the levers that we practically have once the Chancellor has made his choices tomorrow.