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Over 5,500 UK Restaurants May Go Under in Next Three Years Due to Weak Pound

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Restaurant - Sputnik International
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More than 5,500 restaurants may go bankrupt in the next three years due to the rising costs of imports caused by weak pound value, according to local media reports.

MOSCOW (Sputnik) — A total of 5,570 restaurants face a 30-percent chance of bankruptcy in the next three years due to the rising costs of imports caused by weak national currency, local media reported Monday.

British pound notes - Sputnik International
'Yes' to Brexit Sees Pound Sterling Dive 20% Down in Value
Mike Finch, a partner at accountancy firm Moore Stephens told The Guardian newspaper that "it’s been a tough year for many restaurants in the face of rising costs and fierce competition. It is unrealistic to expect UK restaurant groups to avoid the impact of the fall in the pound by substituting for UK produce – they are going to face a big hit."

The United Kingdom imports 48 percent of its food.

Earlier this year, the UK pound tumbled to its lowest value since the 1980s as a result of the June 23 Brexit referendum as fears of post-Brexit economic problems abounded. The currency fell from almost $1.5 per pound to around $1.3 per pound and fell further to around $1.2 per pound last month as Prime Minister Theresa May's government chose the "hard Brexit" path making EU single market access less likely.

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