Introduction: The number of pubs in England and Wales has fallen below 39,000 this year.
good morning. Welcome to our regular coverage of business, financial markets and the global economy.
The number of pubs has fallen again in England and Wales as the trend towards the disappearance of social housing from local communities accelerates in 2024.
Altus groupCommercial property companies reported this morning that 412 pubs have been demolished or converted to other uses in the last year. This brings the number of pubs open in England and Wales to 38,989, falling below 39,000 for the first time.
Pub owners have warned that rising costs and changes to the alcohol excise tax system are making it difficult for them to stay open, while soaring pint prices are causing pubs to close.
The industry is also concerned about the negative impact of the October 2025 Budget. Altus Group alex Probyn say:
“Many civil servants I spoke to said that given the increase in the amount employers have to pay in National Insurance, the increase in the minimum wage and the reduction in business rates discount from 75% to 40%, % in 2025. “I'm very worried that this will be my last Christmas.''
The leisure industry has also been hit hard by the coronavirus pandemic, with the number of open nightclubs plummeting, from 1,700 in 2013 to just 787 by June this year.
agenda
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The collapse of big chains such as Homebase and The Body Shop put thousands of jobs at risk and contributed to 169,395 retail jobs disappearing during 2024 – a 42% rise on 2023 levels, new data shows.
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In other alcohol-related news, Mexico has a 500m-litre tequila lake as demand for the spirit has ebbed.
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The Financial Times reports this morning that Mexico is sitting on more than half a billion litres of tequila in inventory, which is nearly a whole year’s production.
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Data shows that around one-sixth of the 599mn litres of tequila produced last year is unsold, sitting alongside the 525mn litres that Mexico already had in inventory at the end of 2023.
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This growing tequila lake is due to an ebbing of the pandemic spirits boom in the US, as consumers cut back on their drinking.
“,”elementId”:”00b5e7ea-95ca-4fc5-9d95-405b3b1093c7″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”George Clooney sells his tequila company for up to $1bn”,”elementId”:”676ea920-3a0c-4625-9a86-132c1d856f0e”,”role”:”thumbnail”,”url”:”https://www.theguardian.com/business/2017/jun/22/george-clooney-tequila-casamigos-smirnoff-diageo”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Bernstein analyst Trevor Stirling says:
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“Much more new spirit is being distilled than is being sold, and inventories are starting to accumulate.
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“The tequila industry is set for a very turbulent 2025.”
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Some of the inventory is in the process of being aged – but distillers also run the risk that Donald Trump imposes new tariffs on Mexico, making it harder to sell tequila to the US market.
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Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
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The number of pubs in England and Wales has fallen again, as the trend of public houses disappearing from local communities accelerated in 2024.
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Altus Group, the commercial real estate company, reports this morning that 412 pubs were demolished or converted for other uses over the last year. That pulls the number of pubs in operation across England and Wales down to 38,989, below 39,000 for the first time.
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Pub owners have warned that rising costs, and changes to the alcohol excise duty system, have made it harder to keep operating, while the rising price of a pint has also led to pub closures.
“,”elementId”:”3154f94e-1841-4181-9b09-957b54a9b9b0″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”We’ve lost 20,000 pubs in the last 40 years. That sends a chill down my spine | Adrian Chiles”,”elementId”:”b8654911-5c21-45e8-94e1-7d55ce0fc900″,”role”:”thumbnail”,”url”:”https://www.theguardian.com/commentisfree/2024/nov/20/lost-20000-pubs-since-i-started-drinking-sends-chill-down-my-spine”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
The sector also fears a hangover from October’s budget in 2025. Altus Group’s Alex Probyn says:
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“Many publicans that I speak to are extremely worried that this could be their last Christmas given the combination of hiking the amount employers will have to pay in National Insurance, increases to the minimum wage and the business rates discount being slashed from 75% to 40% in 2025.
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The leisure industry was also badly hit by the Covid-19 pandemic, leading to a sharp drop in the number of nightclubs in operation – down from 1,700 in 2013 to just 787 by June this year.
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The agenda
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3pm GMT: US pending home sales for November
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3.30pm GMT: Dallas Fed Manufacturing Index
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major events
Claas Nott, a member of the European Central Bank's board of governors, predicts that China could start selling products to Europe at a discount if the U.S. starts a trade war by imposing new tariffs on imports. did.
In an interview published in a Dutch newspaper volkskrantsays Nott.
“The Chinese could start offering goods in Europe at increasingly lower prices.
“We are already seeing that happening in the steel market.
In this way, China is, so to speak, exporting deflation to us. ”
Approximately 170,000 store workers will lose their jobs in the UK in 2024
2024 will also be a tough year for the UK retail industry, with around 170,000 UK store workers losing their jobs last year.
The collapse of major chains such as Homebase and The Body Shop has put thousands of jobs at risk and caused the loss of 169,395 retail jobs in 2024. This is a 42% increase compared to 2023 levels, new data showed.
On the last full trading day of the year, European stock markets opened in the red.
In London, FTSE 100 The index fell 32 points (0.4%) to 8,115.
german dachshund France fell 0.5%. CAC It was down 0.3%.
Mexico removes 500m liter Lake Tequila bottle due to low demand
In other alcohol news, Mexico now has a 500m tequila lake as demand for spirits declines.
This morning's Financial Times reports that Mexico has more than 500 million liters of tequila in stock, nearly a year's worth of production.
About a sixth of the 599 million liters of tequila produced last year remains unsold, according to the data, on par with the 525 million liters Mexico already had in stock at the end of 2023.
The Tequila Lake expansion comes as the pandemic spirits boom in the U.S. wanes as consumers cut back on alcohol.
bernstein analyst trevor sterling say:
“We are distilling far more new spirits than we are selling, and inventories are starting to build up.
“2025 is going to be a very turbulent year for the tequila industry.”
Some of the inventory is in the aging process, but distillers also risk President Donald Trump's new tariffs on Mexico, which could make it difficult to sell tequila to the U.S. market.
The drinks industry is calling on the government to ease the burden on pub workers following a recent decline in the number of pubs.
emma mcclurkinchief executive of british Beer and pub associationsays:
“Breweries and pubs pump billions into the economy and support more than a million jobs, so I know their closures could have a devastating impact on both the public purse and the jobs market. we know.
“For this sector to remain at the heart of our economy and the beating heart of our communities, the Government must quickly implement permanent and meaningful business rates reform.
“We will help the government bring about the change that is desperately needed and break down the barriers that prevent our industry from contributing more to the economy and employing more people than ever before. i am ready.”
Introduction: The number of pubs in England and Wales has fallen below 39,000 this year.
good morning. Welcome to our regular coverage of business, financial markets and the global economy.
The number of pubs has fallen again in England and Wales as the trend towards the disappearance of social housing from local communities accelerates in 2024.
Altus groupCommercial property companies reported this morning that 412 pubs have been demolished or converted to other uses in the last year. This brings the number of pubs open in England and Wales to 38,989, falling below 39,000 for the first time.
Pub owners have warned that rising costs and changes to the alcohol excise tax system are making it difficult for them to stay open, while soaring pint prices are causing pubs to close.
The industry is also concerned about the negative impact of the October 2025 Budget. Altus Group alex Probyn say:
“Many civil servants I spoke to said that given the increase in the amount employers have to pay in National Insurance, the increase in the minimum wage and the reduction in business rates discount from 75% to 40%, % in 2025. “I'm very worried that this will be my last Christmas.''
The leisure industry has also been hit hard by the coronavirus pandemic, with the number of open nightclubs plummeting, from 1,700 in 2013 to just 787 by June this year.
