England’s early World Cup exit could cost economy £1.2 billion
England’s early exit from the World Cup will cost the UK economy a staggering £1.2 billion, according to Salisbury-based insolvency practitioners Begbies Traynor.
“Reaching the quarter final was widely accepted as being par for Roy Hodgson’s men, but failure to do so is expected to cost the economy dear,” said regional managing partner Julie Palmer.
The biggest losers are the pubs and bars, who have seen potential takings cut by 50 percent. “Brits were sinking 37 million pints a day during England’s short-lived stay in Brazil,” said Julie. “This is now expected to drop to £24 million, meaning a severe hangover for pubs and bars.”
In other sectors, sports apparel firms now face a £300 million shortfall due to overstocking on England-themed apparel and accessories like shirts and flags, while fast food outlets lose out to the tune of £12 million.
Economists predict that supermarkets will miss out on a footballing feel-good windfall of around 50 percent through reduced sales in food, alcohol, and barbecue promotions.
The surge in betting activity when England qualify for the latter stages will now be quashed, meaning bookies will see a drop of around 35 percent in placed bets, and media outlets will be hit too, with ITV and advertising agencies missing out on a predicted five to ten percent boost in advertising spend had England qualified from the group stage.
But there are winners too, with DIY stores and garden centres, travel agents, and cinemas all anticipating an upsurge in footfall this weekend, as footie fans ditch the remote control.