Over 5,500 UK restaurants face risk of going bust as pound’s fall makes food prices more expensive December 5, 2016 Thousands of UK restaurants could be at risk of going out of business in the next three years, as the fall in the value of sterling raises costs for imported food and threatens to squeeze consumer spending. Over 5,500 restaurant companies have a 30 per cent chance of going bust by the end of 2019, [...]
Greene King pubs report challenges are ahead despite revenue bubbling up to record levels November 30, 2016 Record revenue was reported in Greene King's interim results, but shares fell in morning trading and analysts warn of a hangover. The figures Adjusted profits before tax rose 14.6 per cent to £139m, and adjusted earnings per share were up 4.3 per cent to 36p for the pub company. Like-for-like sales increased 1.3 per cent, which was ahead of the [...]
The Treasury is now refusing to commit to a £9 hourly living wage by 2020 November 28, 2016 The Treasury is refusing to commit to a £9 national living wage within four years, just days after the OBR downgraded its forecasts for UK growth. The OBR predicted that the UK would need £60bn of extra borrowing over five years, and warned that earnings are no longer expected to reach the levels needed to [...]
The OECD becomes the latest in a long line of forecasters to downgrade UK GDP growth prospects after EU referendum November 28, 2016 UK growth will fall sharply in 2017 as uncertainty following the vote to leave the European Union weighs on Britain’s prospects, according to an influential intergovernmental trade group. Real GDP growth will decline from two per cent for this year to 1.2 per cent in 2017 and one per cent in 2018, according to the Economic [...]
“We have certainly not seen a period remotely like it in the last 70 years”: Think tank’s dire warning on wage growth November 24, 2016 The director of one of the UK's most respected think tanks has issued a dire forecast about UK wage growth, warning workers are in the middle of more than a decade of stagnant wages. In a highly emotive release, Paul Johnson, director of the Institute for Fiscal Studies (IFS), said its projections suggested real wages [...]
Lidl becomes first supermarket to pay the voluntary living wage November 24, 2016 German discounter Lidl has become the first supermarket to pay the voluntary living wage. From 1 March , it will pay hourly rates between £8.45 and £9.75 in London. The chancellor announced yesterday that the mandatory national living wage rate will increase to £7.50 an hour at the beginning of April next year, although this was [...]
Break out the bubbly: Marston’s reports continued profit growth in its premium pubs and beers November 24, 2016 Marston's premium pubs and beers reported profit growth across the board despite cost pressures and economic uncertainty in the sector. The figures The operator of Pitcher & Piano and Revere reported underlying revenue of £905.8m, up seven per cent for the year ended 1 October. Profit before tax increased by seven per cent to £98m. The average profit per pub was up eight [...]
Here’s how the Autumn Statement will affect your local pub November 23, 2016 Without mentioning the pub industry directly, the Autumn Statement laid out a handful of policies that will affect the sector. Here are the industry's top concerns. Increasing the National Living Wage will hurt pubs Wages for over-25s will rise 30p to £7.50 per hour in April 2017, and the rates of National Minimum Wages will increase as [...]
The biggest Autumn Statement announcements that got Twitter talking November 23, 2016 It was Brexit, Brexit and more Brexit that got Twitter talking during the chancellor's first ever Autumn Statement. The subject accounted for a quarter of all Twitter chatter related to Philip Hammond's speech, according to social monitoring firm Brandwatch. Read more: Here's where the Autumn Statement will hit your wallet That was followed by housebuilding, signalling [...]
Retailers’ share prices stung by the rise in the national living wage in the Autumn Statement November 23, 2016 Retailer's share prices are suffering this afternoon after chancellor Philip Hammond said the national living wage would rise in April next year. The national living wage hourly rate will increase from £7.20 an hour £7.50 an hour in 2017, Hammond said. Read more: The National Living Wage is going up again next April The change [...]