British businesses could be left out in the cold during the coming northern hemisphere winter as soaring Europe’s power bills leave many facing the prospect of closing their doors.
Vanda Pera may be originally from Christchurch, but the pub owner says it's the small English village surrounding her establishment that's home.
But with her power bills up by almost NZ$600 this month, she chokes back tears wondering whether she can get through the coming winter.
“Those thoughts make me really sad... but I also we've started working with our older community already, to say ‘you know it'll be warm, it'll be toasty... I'll look after you if you look after me.'”
“That’s our plan… it's really hard.”
Pera says the high cost of living also means her regulars are coming in less and buying fewer drinks.
“Some of them were four nights a week people, now I’m lucky if I see them twice a week.”
For many English towns, especially small villages, pubs are the heart of the community, like a communal living room, a shared space to catch up with friends.
Experts believe that losing them would have massive social ramifications across the nation.
And Red Flag Alert, which monitors the financial health of UK firms, says it’s not only pubs that are struggling.
Their chief economist Nicola Headlam says with the cost of electricity soaring, schools risk closure, retailers face going under, and even pet owners are putting their furry companions up for adoption.
Experts predict over 53,000 British businesses will go under over the next year.
“That’s a staggering number of people whose businesses will fail... more than failed in the pandemic and more than have ever failed in a recession.”
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