The number of such bankruptcies has increased in the country by 59% over the past year as inflation has exceeded 11%
Restaurant bankruptcies in the United Kingdom, where inflation has exceeded 11% and the economy falters, are more than during the pandemic, when businesses were forced to shut down for months but received state aid, says a study by Mazars.
The number of such bankruptcies has increased in the country by 59% over the past year, from 984 to 1,567, according to the company. In the last three months they have increased by 15% compared to the previous quarter.
“Restaurant bankruptcies are now occurring at a much faster rate than during Covid,” said Rebecca Dacre, partner at Mazars, according to the study released today.
The nation’s restaurants are facing the highest level of inflation since 1981, which is driving up food and energy costs, and a sharp slowdown in consumer spending, as well as labor shortages, particularly in chef jobs, which are driving up costs. staff, Mazars reports.
The Christmas season is “usually great for business” in the industry, but “restaurants are preparing for a very difficult winter and many are fighting a real battle to survive,” Dacre added.
According to the company, there is a risk of more bankruptcies if government support is not increased.
Chancellor of the Exchequer Jeremy Hunt unveiled an austerity budget last Thursday to fix Britain’s finances, despite the country already in recession and living standards plummeting, according to the Office for Budget Responsibility (OBR).
Read the News today and get the latest news.
Follow Skai.gr on Google News and be the first to know all the news.
With a wealth of experience honed over 4+ years in journalism, I bring a seasoned voice to the world of news. Currently, I work as a freelance writer and editor, always seeking new opportunities to tell compelling stories in the field of world news.
