ao link
Credit Strategy homepage
Intelligence, insight and community
for credit professionals

Dear visitor,
You're reading 1 of your 3 free news articles this quarter

 

Register with us for free to get unlimited news, dedicated newsletters, and access to 5 exclusive Premium articles designed to help you stay in the know.

 

Join the UK's leading credit and lending community in less than 60 seconds.



Register now  or  Login

ONS: Over a third of Pubs close early in order to save on bills 

More than a third of Britain’s restaurants and pubs have shortened their opening hours to save on sky-rocketing energy bills, according to the Office for National Statistics (ONS).

Share on LinkedInShare on Twitter

The ONS reported that many cafes, pubs, and restaurants had cut down how many days a week they open. 6% were found to have cut their opening days by two while 7% cut them down by 1 day. 21% said they had changed their operating hours but not how many days they are open.  

 

For comparison, only 3% of all businesses had taken action to reduce their operating hours due to high energy costs. 

 

The broader hospitality industry, which employs around 1 in 14 UK workers, has been particularly affected by rising energy prices, according to the ONS’s Business Insights and Conditions Survey (BICS). 

 

Economic uncertainty could also lead to price increases, with around 2 in 5 food and drink service (41%) businesses said they expected their prices to increase in November, while the figure was 36% among accommodation businesses. That was compared with an overall average of 28%. 

 

The UK Government pledged to subsidise businesses’ energy bills in September of this year, the most recent responses to its survey were collected after this took place.  

 

“Energy prices are by far the biggest threat to our business and the hospitality industry as a whole.”

 

An anonymous hospitality business told the ONS in October.  

 

Another anonymous business said: “We employ three local people to work in our business, paying above living wage as we see this as fair. We will have to let our staff go if energy costs increase.” 

 

Stay up-to-date with the latest articles from the Credit Strategy team

Credit Strategy
PPA Independent Publisher Awards 2024

member of

Get the latest industry news 

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, 1-2 Paris Garden, London, SE1 8ND. All rights reserved. Credit Strategy is committed to diversity in the workplace. @ Copyright Shard Media Group