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The Times reported that data from CGA by Nielsen IQ and Alix Partners, the City has lost 14 per cent of its licensed premises over the past two years.
Karl Chessell, a director of CGA, said: “The City of London’s hospitality market was hit harder than most city centres by Covid-19, with lockdowns and restrictions limiting commuting and tourism initially.
The latest Coffer CGA Business Tracker sales data for August also shows contrasting fortunes between London and the rest of the UK. Like-for-like sales in the capital were down by 2 per cent, but they were up by 3.5 per cent outside the M25.
In the article, the Times reporter wrote:
"The breadth and scale of the problems facing restaurants had led to hopes that the chancellor’s mini-budget might provide succour for small businesses in the form of reduced VAT and perhaps a revamp of business rates.
"But James Robson, 47, co-founder of Fallow, a restaurant in St James’s, said that the government had “all but abandoned small independent businesses that are the life blood and diversity of our high streets” by “scrapping the minister for small business, refusing to engage in any meaningful debate on outdated high street business rates and not stimulating sales for our sector at all”."