The Small Firms Fearing Closure Over High Inflation And Budget Changes

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Small business owners are bracing themselves for a less busy festive period - and a difficult 2025

On a typical Friday night in London at Christmas time, bars and restaurants are usually packed with people enjoying a festive catch-up.

Speaking to The i Paper , he said: "People are generally going out less as they have less disposable income and are very choosy about how they spend their money.

"We are rolling out more events, packages and experiences to counteract the reduction in casual drinking, particularly in young people.

"Fridays are no longer a big night due to work-from-home culture, and lots of businesses have reduced their budgets for team building, which we've seen  translated into the Christmas parties we're hosting .

"Inflation at our suppliers has already pushed up our prices, and more price increases are inevitable very soon."

Rachel Reeves's Budget hasn't made things easier either , he said, with a "triple whammy" of rises in national insurance (NI) employers contribution, minimum wage and a reduction in business rates relief.