Responding to the IMF’s projections for global economies in 2023, UKHospitality Chief Executive Kate Nicholls said: “The IMF’s growth’s forecast is a frustrating reflection of the economic challenges that lie ahead for the country.

“Hospitality has proven it can generate rapid economic growth with the right support and investment, which I’d urge the Government to now commit to the sector. We saw this potential realised in November, where the sector was pinpointed as the main reason for unexpected economic growth.

“However, hospitality businesses in the UK find themselves hamstrung by loans they took out during the pandemic, unlike many of our European counterparts that benefitted from grants.

“The indebted nature of the sector needs urgent attention and I’d urge the Chancellor in his Spring Budget to direct banks to allow an extension of the CBILs repayment term by 10 years and instruct HMRC to offer greater flexibility on ‘Time to Pay’ in order to relieve stress on business cashflow.

“Implementing the right measures now can see the sector survive current challenges and also allow it to thrive into the future; delivering much-needed economic growth and job opportunities.”