UK GDP contracted by 0.3% in July-September, worse than previously thought, as recession looms
The wave of strikes across the UK in recent weeks could also hit economic growth this quarter.
Pubs and restaurants in the City of London have reported that sales were cut to almost half pre-pandemic levels during last week’s rail strikes, according to Bloomberg.
Kate Nicholls, chief executive officer of trade group UKHospitality, said takings were 46% lower in real terms than during the same week in 2019. Four days of strikes caused chaos on train services and convinced many people to work from home.
Across London as a whole, revenue was down 37% last week compared with 2019 and adjusting for inflation, Nicholls said. Hospitality businesses across the UK reported a 30% cancellation rate on bookings, as Christmas parties were called off.
“Businesses feel they are banging their heads against a brick wall as nothing has been done to help them, almost two years after the TCA [trade and cooperation agreement] was first agreed.
The longer the current problems go unchecked, the more EU traders go elsewhere, and the more damage is done.”
