British boozers boost economy in November, but almighty Budget hangover looms

Share:
British boozers boost economy in November, but almighty Budget hangover looms
Author: Ashley Armstrong
Published: Jan, 17 2025 00:19

THE British boozer helped the economy eke out growth in November but experts are already warning of an almighty hangover from the Chancellor’s Budget. Official figures yesterday showed that the growth in the services industry — including pubs, restaurants, and hotels - was the one bright spot.

 [Rachel Reeves, Labour MP and Shadow Chancellor, drinks at a pub.]
Image Credit: The Sun [Rachel Reeves, Labour MP and Shadow Chancellor, drinks at a pub.]

Its output grew by 0.1 percent in November, but showed no growth over a longer three-month timeframe. Liz McGowan at the Office for National Statistics said the services sector was the biggest contributor to growth in the month. It follows pub group Young’s yesterday hailing a rise in sales of 26 percent in the 15 weeks to January 13, which includes the ONS November period.

 [Headshot of Matthew Moulding.]
Image Credit: The Sun [Headshot of Matthew Moulding.]

Simon Dodd, boss of Young’s, said that it had some of the “highest daily sales” in its history. A day earlier, Mitchells & Butlers, owner of Toby Carvery and All Bar One, toasted strong sales. However, both pub groups issued grave warnings about the impact of the extra costs to the business from the Chancellor’s Budget and “headwinds facing consumers.”.

 [Black and white video still of Matt Moulding's face superimposed onto Liam Gallagher in a Wonderwall music video recreation.]
Image Credit: The Sun [Black and white video still of Matt Moulding's face superimposed onto Liam Gallagher in a Wonderwall music video recreation.]

Economists yesterday highlighted that the 0.1 percent growth in the economy was below forecasts and rushed to dampen their views on this year. It comes as many companies have started the New Year warning they will have to recruit fewer staff and hold off opening new sites as they brace for a steep increase in staffing costs from the Budget.

 [Murray Auchincloss, BP CEO, speaking at a conference.]
Image Credit: The Sun [Murray Auchincloss, BP CEO, speaking at a conference.]

Share:

More for You

Top Followed