Research released by Reuters has shown that the bar and restaurant trade in the City of London is still going strong, despite ongoing concerns of financial instability surrounding Brexit. Bank bosses have warned that as many as 75,000 jobs in the financial services sector could be lost when Britain leaves the EU in 2019 – the majority of which would come from the City of London, known as the ‘beating heart’ of the UK’s financial sector.
However, figures released under a Freedom of Information request show that the number of new venues applying for alcohol licences is at a record high.
This is partly explained by the diversifying neighbourhood, which is no longer just a home for finance workers. The drop in commercial property and residential rental prices have fallen dramatically since the vote last June, which has made it easier for others to break into the property market.