According to industry experts, fried cod may join the list of extinct species next to dinosaurs, dodos, and mammoths. The bad news was served up with a side of anxiety from fish and chip shop owners this week as soaring prices have left them feeling battered.
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An ‘extinction event’
Alongside the cost-of-living crisis which has caused energy prices to soar, sanctions on Russia – a major supplier of white fish – means that local mom and pop chip shops are struggling to stay afloat.
CNBC says that Russia’s invasion of Ukraine has resulted in significant price increases of fish, potatoes, and oil, leaving it difficult for small business owners to keep their heads above water. Before Covid-19 made waves around the world, one fish and chip shop owner paid £70 for 3 stone of fish. Now, he pays £270 due to a 35% government-imposed tariff on Russian fish.
As fish and chip shops continue to swim in expenses, many are resorting to limited opening hours, reduced staff size, and higher prices. But how long can fish and chip shops continue to reduce service and increase costs to customers before business capsizes completely?
The president of the U.K.’s National Federation of Fish Friers (NFFF) and restaurant owner, Andrew Crook, stated:
I don’t think it’s just fish and chip shops that are affected, although we do have some unique pressures because of the conflict our reliance on some of the products that come out of Russia and Ukraine, so we are probably taking the brunt of it, but I think this really is an extinction event for small business without the government stepping in.
Fishing for funding
Many shops have resorted to buying fish from Scandinavia, with the NFFF even having gone to Norway to discuss how to best overcome skyrocketing prices.
Until then, businesses ‘of all sizes’ are being supported by government efforts to remove fuel duty and implement a 50% business rates relief, according to a government spokesperson cited in BBC. A meeting today between ministers and the NFFF could result in more measures being taken to help prevent fish and ship shops from sinking.
Crook maintains some hope, though. While he admitted that the cost-of-living crisis may bring some people and small businesses down, he also told CNBC:
It’s a very bleak picture, but we’re resilient, we’ve got a great product and I’m sure the industry will get through it.
Read more:
⋙ Pint of beer for £9 a real possibility as rising costs hit restaurant goers
⋙ Pint of beer would have to cost £20 to save British pubs from closure
