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Energy crisis threatens British nightlife

UK nightclubs are at risk of closing due to skyrocketing costs

British nightclubs have apparently fallen prey to the latest power crunch, along with its households and industrial sector, which have been severely hit by skyrocketing energy prices. 

The cost of living crisis has extended to both promoters and partygoers, the Night Time Industries Association (NTIA) said on Sunday. It warned that soaring energy prices are threatening to shut venues that are important to the UK tourism industry, having generated revenues of £46 billion ($55.4 billion) annually before the pandemic.

Earlier this week, five organizations representing the hospitality industry in Britain sent a letter to the government calling for immediate action to reduce energy costs. They said an increasing number of businesses in the sector are discovering that costs are eating into their profits. 

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British consumer confidence slumps to record low

According to a June report from the NTIA, 54% of nighttime venues had yet to renew their gas and electricity contracts, while those that did reported an enormous increase of 37% in costs compared to pre-pandemic levels. 

“The government cannot underestimate the growing crisis,” NTIA CEO Michael Kiel said in a statement. Without action, businesses backed by public funding and surviving the pandemic “will face further uncertainty and, in many cases, will be permanently closed.”

 In August, UK consumer confidence dropped to record lows. In the previous month, consumer price inflation in the country surged to 10.1% per annum, smashing a 40-year high as spiraling food and energy prices continued to intensify the historic squeeze on households and businesses.

For more stories on economy & finance visit RT’s business section

https://ift.tt/FQcme6b 20, 2022 at 08:29PM
from RT – Daily news

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