An outcry has erupted from the trade following yesterday’s Autumn Budget, which led to disappointment on many fronts, including a measly 1p off draught beer, further rises to duty for wine and a lowered rate of business rates relief which has been described a kick in the teeth to businesses.
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Long-time spirits industry commentator and MD of Mangrove Global, Nick Gillett, speaks out ahead of the new Labour government’s Autumn Statement, arguing that ‘the best hospitality can hope for is to be left well alone’.
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The Bank of England’s base rate, also referred to as the Bank Rate or simply the interest rate, is a key economic tool that affects the cost of borrowing and returns on savings in the UK. Set by the Bank of England, it helps control inflation and maintain economic stability.
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Caution about the future remains a staple concern among Britain’s hospitality leaders as pressure on the cost of doing business continues to rise.
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UK inflation dropped to 2.3% in April, its lowest level in nearly three years. However, the reduction was less significant than anticipated, dampening hopes for an imminent interest rate cut.
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Soaring alcohol inflation has made an explosive hole in HMRC’s receipts, new figures reveal.
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Last August’s duty hikes for wine and spirits have contributed to December’s unexpected rise in UK inflation, it has been revealed, as the Wine and Spirit Trade Association (WSTA) announces that the rate for the sector is now three times higher than it was this time last year.
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Chris Jeffreys, creative director at Love agency, argues there’s no room for complacency with high-end brands in this era of high inflation.
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Britain’s leading hospitality groups saw year-on-year growth slow to 3.2% in October amid widespread poor weather, the new CGA RSM Hospitality Business Tracker reveals.
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Argentina can add a ban on invoices for overseas services to their woes as a number of top estates have been forced to pull out of marketing and advertising commitments abroad. It is another blow to the industry, as winemakers are forced grapple with yet more economic volatility and a situation which is increasingly creating an uneven competitive playing field in global export markets.
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Confidence is rising slightly among hospitality owners, new data suggest, despite inflation slowing at a ‘glacial’ pace and economic pressures in the offing, which could potentially leave the sector with a ‘billion-pound bill’.
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Jo Gilbert reports on the results of Harpers’ latest survey, where we asked independent retailers to let us know which cost pressures are affecting them most – with inflation and duty unsurprisingly leading the charge.
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Economic depression tends to lead consumers to splash out on little luxuries. This is the idea behind the ‘lipstick effect’, coined by Estée Lauder’s Leonard Lauder to describe the rocketing rise of lipsticks in 2008, post the 9/11 attacks in New York and while global markets teetered on the brink of financial meltdown. By extension – and with the cost of living and wage stagnation pushing prices higher – alcohol still seems to fall within a comparatively ‘affordable luxury’ bracket.
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Inflation in hospitality rose again in June to 22.6% YOY, just shy of the record high of 22.9% in December 2022, as measured by CGA.
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In April 2023, in what was described as an “industry first”, The Wine Society announced it would prevent price increases despite the effects of high inflation and rising duty costs.
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New data has highlighted the effect of rising cost of borrowing on spending in the hospitality sector, as consumers’ real income falls.
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The Bank of England’s decision to increase the base rate to 5% is a stab in the eye to under pressure businesses and struggling consumers. It would be hard enough to swallow if it were the right medicine for the illness. When it is based on a misdiagnosis it is unacceptable.
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Britain’s leading managed restaurant, pub and bar groups achieved an eighth consecutive month of year-on-year sales growth in May 2023, the latest Coffer CGA Business Tracker shows.
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Britain’s leading managed restaurant, pub and bar groups achieved like-for-like and YOY sales growth of 6.9% in April 2023, the latest Coffer CGA Business Tracker reveals.
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As financial challenges sweep the trade, one importer voices the fears of many that late payment by accounts is becoming ingrained
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