Introduction: The number of pubs in England and Wales fell by 39,000 this year
Good morning, and welcome to our comprehensive coverage of business, financial markets and the world economy.
The number of pubs in England and Wales has fallen again, as the trend of public houses disappearing from local communities accelerates in 2024.
altus GroupThe Commercial Real Estate Company, reports this morning that 412 pubs were demolished or converted to other uses during the last year. This brings the number of pubs in England and Wales down to 38,989, which is below 39,000 for the first time.
Pub owners have warned that rising costs and changes to the alcohol excise system have made it increasingly difficult to continue operating, while the rising price of a pint has also led to pubs closing.
The sector also fears a hangover from the October budget in 2025. of altus group alex probin They say:
“Many campaigners I speak to are extremely worried that this could be their last Christmas, because of increases in the amount employers have to pay in National Insurance, an increase in the minimum wage and a reduction in the business rates discount from 75%. Has been increased to 40% in 2025.
The leisure industry was also badly hit by the Covid-19 pandemic, leading to a sharp decline in the number of nightclubs in operation – from 1,700 in 2013 to just 787 as of June this year.
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European Central Bank Governing Council member Klaus Knott has predicted that China could start selling its products to Europe at discounted rates if the US starts a trade war by imposing new tariffs on imports.
In an interview published in a Dutch newspaper VolkskrantKnott says:
“It is likely that the Chinese will start offering their goods to Europe at lower and lower prices.
“We are already seeing this happening in the steel market.
In this way, it is as if China is exporting its deflation to us.
Nearly 170,000 UK shop workers could lose their jobs in 2024
2024 was also a tough year for the UK retail sector, with around 170,000 UK shop workers losing their jobs last year.
The collapse of big chains such as Homebase and The Body Shop put thousands of jobs at risk and 169,395 retail jobs are set to disappear through 2024 – a 42% increase on 2023 levels, new data shows.
European stock markets opened in the red on the last full trading day of the year.
in London, FTSE 100 The index fell 32 points, or 0.4%, to 8115.
from germany dex fell 0.5%, while France’s CAC Was 0.3% less.
Mexico abandons 500m liter tequila lake after demand slows
In other wine-related news, Mexico has a 500m liter tequila lake as demand for the wine has dropped.
The Financial Times reports this morning that Mexico has reserves of more than half a billion liters of tequila, almost an entire year’s production.
The data shows that about one-sixth of the 599 million liters of tequila produced last year remains unsold, which is equivalent to the 525 million liters of tequila Mexico will already have at the end of 2023.
This growing tequila lake is due to the pandemic dampening enthusiasm in the US, as consumers have reduced drinking.
bernstein analyst Trevor sterling They say:
“More new spirits are being distilled than are being sold, and stocks are beginning to accumulate.
“The tequila industry is set for a lot of upheaval in 2025.”
Some inventory is in the process of aging — but distillers also run the risk that Donald Trump will impose new tariffs on Mexico, making it harder to sell tequila in the U.S. market.
Following this latest decline in pub numbers, the drinks industry is urging the government to ease the burden on drinkers.
By Emma McClarkChief Executive of British beer And pub OrganizationThey say:
“Brewers and pubs inject billions of dollars into the economy and support over a million jobs, so we know closure could have a devastating impact on both the country’s coffers and the job market.
“To keep the sector leading the economy and the heartbeat of our communities, the Government must rapidly deliver lasting and meaningful business rate reforms.
“We are ready to help the Government deliver much-needed change that will break down the barriers that prevent our sector from contributing even more to the economy and employing more people than ever before.”
Introduction: The number of pubs in England and Wales fell by 39,000 this year
Good morning, and welcome to our comprehensive coverage of business, financial markets and the world economy.
The number of pubs in England and Wales has fallen again, as the trend of public houses disappearing from local communities accelerates in 2024.
altus GroupThe Commercial Real Estate Company, reports this morning that 412 pubs were demolished or converted to other uses during the last year. This brings the number of pubs in England and Wales down to 38,989, which is below 39,000 for the first time.
Pub owners have warned that rising costs and changes to the alcohol excise system have made it increasingly difficult to continue operating, while the rising price of a pint has also led to pubs closing.
The sector also fears a hangover from the October budget in 2025. of altus group alex probin They say:
“Many campaigners I speak to are extremely worried that this could be their last Christmas, because of increases in the amount employers have to pay in National Insurance, an increase in the minimum wage and a reduction in the business rates discount from 75%. Has been increased to 40% in 2025.
The leisure industry was also hit hard by the Covid-19 pandemic, leading to a sharp decline in the number of nightclubs in operation – from 1,700 in 2013 to just 787 as of June this year.