London needs its watering holes for its global competitiveness

This all seems very familiar. Just as Brits are preparing to leave their desks behind and embark on the yearly round robin of family visits over the Christmas period, their plans are in jeopardy of being scuppered.

Spare a thought for the businesses that make the festive period so enjoyable. Pubs, bars and restaurants are staring down the barrel of having to, once again, forgo Christmas revenue.

The festive period is often what tips hospitality businesses into the black. Their capacity to cope with another sharp drop in income is limited and, if so-called Plan C is imposed in the run up to Christmas, or, God forbid, a new year lockdown, the country needs to brace itself for some of its favourite drinking holes and eateries to pack it in.

Workers in the hospitality sector are facing a bleak Christmas due to uncertainty over their prospects and finances intensifying as virus restrictions dial up.

As one restaurant boss told this paper: “Why would you want a job in hospitality at the moment?”

Why indeed. But it is not their fault.

Before Omicron emerged, employment was booming, as attested by yesterday’s labour market print.

There’s a whiff of the UK inflicting economic self-harm. The first real-world study examining Omicron found it is significantly milder than other strains. The evidence so far at least strongly suggests that the varying cocktails of vaccines available will prevent serious illness.

Calls to live with the virus have receded from the debate since Omicron emerged.

One thing is for sure: some of Britain’s most beloved businesses cannot live amid the constant ebb and flow of curbs on our daily lives.

But more than that, the collapse of each and every one of those vulnerable businesses makes London that less attractive as a place to work and play.

We are – to borrow a now-retired phrase from George Osborne – in a global race, and London’s extraordinary cultural mix is one of our greatest advantages.

It would be a crying shame to lose much of it.