The closure of ‘pubs’ in England and Wales shot up 47% in the first quarter of 2023 compared to the previous year as a result of inflation, according to a study published on Tuesday.
The closures are explained by the increase in electricity bills, while customers are paying much more for pints of beer, other drinks and food, according to a study by the real estate consultancy Altus Groupbased on government data.
The British executive last year ended large financial aid after COVID-19, which hit companies hard, and recently cut subsidies to pay energy bills.
All of this makes pubs “even more attractive for alternative investment”, that is, to turn them into houses or apartments, points out Alex Probynpresident of real estate taxation of Altus Group.
A total of 153 ‘pubs’ closed in the first quarter, compared to 104 in the first three months of 2022, according to Altus.
Annual inflation in the UK remains stuck in double digits and in February accelerated to 10.4%.
Source: AFP
Source: Gestion
Ricardo is a renowned author and journalist, known for his exceptional writing on top-news stories. He currently works as a writer at the 247 News Agency, where he is known for his ability to deliver breaking news and insightful analysis on the most pressing issues of the day.
