Industry supply chain fears deepen; UK borrowing below forecasts; US jobless claims fall – business live | Business









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Hospitality trade fears going under if UK imposes new Covid ‘plan B’

Pubs, bars, restaurants and hotels would be driven under if the government imposes “plan B” restrictions to curb the rise in Covid-19 cases, the head of the hospitality trade body has warned, amid concern that the industry cannot survive a second lost Christmas.

Kate Nicholls, the chief executive of UK Hospitality, which represents 730 companies operating 85,000 venues, warned businesses would be driven under by a tightening of restrictions over the key Christmas period.

“For the hospitality sector as a whole, the period between Halloween and New Year’s Eve is when you would earn 40% of your profits,” she said.


“We lost Christmas in its entirely last year, so it’s desperately important for survivability, getting you through the bleak months of January and February when people don’t come out as much.

“A lot of businesses are still fragile. Any knock at this point in time could have an impact on viability. People will just go to the wall. This idea you could shut down or have a restriction for a small period to save Christmas needs knocking on the head. There’s a danger you don’t save Christmas, you cancel it.”

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Barclays almost doubled its third-quarter profit to £2bn as it benefited from strong mortgage lending in the UK and a boom in investment banking.

The British bank’s profit before tax rose from £1.1bn a year ago, taking its year-to-date profit to an all-time high of £6.9bn. Barclays said a consumer recovery had contributed to the stronger performance, as well as higher investment banking fees.

Barclays has released bad debt provisions of £622m so far this year as the economy recovers from the pandemic and it reckons it will need less to cover bad debts. This is in stark contrast with this time last year when Barclays had set aside £4.3bn to cover bad debts, but government support measures propped up businesses.


https://www.theguardian.com/business/live/2021/oct/21/uk-government-borrowing-evergrande-crisis-travel-covid-factories-markets-business-live

By Anisa