33.3% Of UK Hospitality Industry May Collapse
Over a third of the UK's hospitality industry is at risk of going bust early next year due to soaring energy bills, higher prices and falling consumer spending, The Telegraph reported.
Photo Insert: More than three-quarters of companies have noticed a decrease in people eating and drinking out.
That's according to a survey by UKHospitality, the British Beer and Pub Association, the British Institute of Innkeeping and Hospitality Ulster, which showed 35% of respondents were expecting to be operating at a loss or to be unviable by the end of this year.
More than three-quarters of companies have noticed a decrease in people eating and drinking out.
At least 85% expect the situation to worsen and 89% are either not confident or are pessimistic that the current levels of support offered by government will protect the industry.
Hospitality firms said continued uncertainty about rising inflation, future regulation and staffing is causing a crisis of confidence among business owners. They called for further business rates relief and move to cut VAT sales tax for hospitality ahead of Chancellor Jeremy Hunt's fiscal statement on November 17.
They added: "If urgent action isn't taken, it is looking incredibly likely that we will lose a significant chunk of Britain's iconic hospitality sector in the coming weeks and months."