Dec 2nd, 2022
3 mins
The Office for National Statistics (ONS) published a report on 14 November, which explores some of the businesses hardest hit by increasing energy prices.
The report highlights that food and drink service businesses were more likely than any other industry to say they plan to cut trading by at least two days per week in November 2022 to reduce their energy costs.
More than 1 in 20 businesses in this sector (6%), planned to stop trading for two or more additional days a week in the month. The same percentage of food and drink service businesses said they had already done so in the last three months. It was also reported that they were the most likely to reduce trading hours, even if they were still operating for the same number of days.
During the survey, businesses were asked to describe their current situation and across the hospitality industry, 23% said energy prices were their principal concern for October, which was similar to November (22%). The most recent responses were collected after the UK government pledged to subsidise businesses’ energy bills in September.
The data from the survey also suggests that manufacturers are under significant strain from energy prices, which could then have a knock-on effect for the hospitality industry.
To read more about the ONS survey, click here.
