Posted on 11/23/2022 9:58:12 AM PST by SeekAndFind
Be our guest—at the unemployment bureau. Restaurants are failing faster in the United Kingdom than they did during the economically devastating COVID-19 pandemic, leading experts to predict over a third of UK “hospitality businesses” will close by 2023. I guess inflation wasn’t transitory there either.
The Guardian blamed a “‘toxic mix’ of surging energy costs, staff shortages and falling bookings” for the crisis, as restaurant closures rose 60% this past year. And it’s not just restaurants affected, according to Steve Bannon, who posted on GETTR that “50% of all British small business said they would in all likelihood close shop after the holidays— in first or second Quarter of ‘23.” Food and energy costs have gone up with inflation, which also reduced people’s disposable income, putting many restaurants and other businesses at risk of imminent closure.
UK Hospitality, the British Beer and Pub Association, and other industry groups predicted the mass restaurant closures, the Guardian reported. “Insolvencies of restaurant businesses are now happening at a far faster rate than during Covid,” Rebecca Dacre, a partner for the advisory firm Mazars, said. “It is a very toxic mix of rising input costs, sharply rising finance costs and weak demand. Most restaurateurs have not seen this combination of negative factors before.”
Over 50% of Britons intend to cut their “essential spending,” the Guardian reported, citing Barclaycard. That means businesses, which had briefly seen an increase in business after COVID lockdowns were lifted, are unlikely to increase revenues much during the usually-busy Christmas season. And many businesses make most of their annual profits at Christmas.
“The Christmas trading period is usually a bumper period for hospitality businesses. However, restaurants will be bracing themselves for a very tough winter and many face a real battle to keep afloat,” Dacre explained.
(Excerpt) Read more at pjmedia.com ...
There are about a dozen women, retired and over 70 years of age in a lunch group of church ladies.
They haven’t been out to lunch together since Covid, and they went to lunch last week to the same place they had their last lunch together, before Covid.
One lady suggested that everyone order the same lunch as 3 years ago. They would buy the same lunches charge it to that lady to see how much prices had increased.
Basically, in 3+ years the prices including tip and had gone up 50%.
First of all they were stunned, then they joked to the lady
with the check about their nice free lunch.
“…that “50% of all British small business said they would in all likelihood close shop after the holidays…”
That would be so extraordinary that I’d have to see it before I could believe it. I can’t fathom how that wouldn’t be a death knell of the economy. ( I seem to recall someone predicting it a year and a half or two years ago).
I found most of the food OK but I wont be going back either. The hostility toward Americans was really overpowering, far worse than I’d ever anticipated. Even though we tried our best to be friendly and blend in, my wife and I were verbally attacked several times for no reason other than being Yanks. I won’t spend another penny in England.
LoL! What happens when you get four Irishmen together?
A ‘’fifth’’ shows up.(glug glug)
Serve nothing but fish and chips. No electricity. Use natural lighting.
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