Hospitality hopes for 35% Jubilee boost

Small and medium-sized businesses (SMEs) are expecting to see a 10.4% rise this quarter, with those in the hospitality predicting a 34.7% increase thanks, in part, to the Queen's Platinum Jubilee celebrations. 

According to the latest quarterly Barclays SME Barometer, 60% of SMEs in the UK are expecting to see revenues rise when compared to the same period last year.

The long Jubilee weekend is expected to boost restaurants and independent pubs and bars to the tune of £76m on Thursday 2 and Friday 3 June, with 49% of those that are open predicting a sales rise.

The predicted boost in revenue is welcome news for small businesses, which are facing a number of challenges including rising inflation, fuel and energy price increases and difficulty hiring new teams.  

Additional findings reveal that despite the challenging environment, the majority of SMEs say they are planning to invest in their businesses over the next 12 months.

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