Hear From The Experts

The cost-of-living crisis is a very real threat to the industry and public alike

The cost-of-living crisis is a very real threat to the industry and public alike. While money is currently tight for a lot of people, I believe the public will want to continue socialising with friends, family or just to get away from the daily hum-drum. I do not believe that the public would ever consider abandoning their pubs and restaurants and this is the very reason why this industry must be protected and supported through this crisis.

The prime minister has recently stated in one of her maiden speeches that the hospitality sector deserves and requires support. She said: "The hospitality industry is vital, and I will make sure our energy plan will help support businesses and people with the immediate price crisis, as well as making sure there are long-term supplies available. The plan will help businesses as well as households."

The prime minister announced that measures would be put into place on 8 September, capping domestic and commercial energy prices, however, the scheme for businesses, will last for just six months. Industries which are still deemed to be struggling could receive further long-term support that will be set out at a later date. We await the government's review which will decide what sectors should receive this ongoing help. But it is widely believed that hospitality will be one of these industries receiving assistance, but the devil will be in the detail.

Many businesses will be due to renegotiate their energy contracts in October and whilst this plan will come as some relief for some venues, it does not bring any long-term comfort to the sector.

Many businesses continue to struggle with many factors facing them, since post Covid and sadly many are facing a cliff edge and many may choose to "call time". But the sector always seems to pull back from the abyss.

Understandably, this is of concern but it can also create opportunities and the sector has faced many challenges over the last two or three decades. However, unfortunately it continues to be a place where some will feel that these strains are impossible without concrete support. We wait to hear.