Business
Half of UK job losses in hospitality, say bosses
BBC Business reporter
Getty ImagesLeaders in the hospitality industry have said that more than half of the UK’s job losses since the last budget have come from their sector.
Job losses in restaurants, bars, pubs and hotels total around 89,000 since last October, according to UKHospitality analysis of Office for National Statistics data.
The group said higher taxes announced by Chancellor Rachel Reeves in the Autumn Budget had disproportionately slowed down investment and hiring, adding that “urgent action” was needed to cut business rates and VAT.
The Treasury said it was helping pubs, cafes and restaurants by extending business rates relief and cutting the cost of licensing so more establishments could offer al fresco dining.
UKHospitality, which has around 750 members and represents more than 123,000 venues, said the sector accounted for 53% of all job losses in the UK.
About 4.1% of all jobs in the sector had been lost and the number could reach 100,000 by the time of the next budget, the group added.
Kate Nicholls, chair of UKHospitality, said the numbers were “staggering”.
“What we’re seeing at the moment is a third of businesses cutting their opening hours, one in eight saying that they’re closing sites, and 60% saying they are cutting staff numbers,” Ms Nicholls told BBC Radio 4’s Today programme.
“We could see very significant business closures and failures and accelerated job losses going in to next year, and it could be as high as we saw during the Covid period.
“The sheer scale of costs being placed upon hospitality has forced businesses to take agonisingly tough decisions to cut jobs – with part-time and flexible roles often those most at risk.”
Mark Wrigley, who owns Atlas bar in Manchester, told the BBC he had stopped paying himself in order to save costs.
“We probably generate £300,000 or £400,000 for government, from this one business, and yet I get nothing from it,” Mark Wrigley told BBC’s Breakfast.

An increase to the minimum wage, which came in this April, means that bosses have had to pay workers more in an environment where other costs, such as ingredients and energy bills, are also rising.
Employers are also now paying higher National Insurance contributions, meaning it costs more to employ someone.
These higher business costs coincide with the rising cost of living, which means people are going out to eat less to save on costs, lowering sales and profits for leisure industries.
Prices in the UK rose by 3.8% in the year to July, driven mainly by a jump in the price of air fares and food.
It means inflation is at its highest level since January 2024 and still far above the Bank of England’s target of 2%, according to the ONS.
In its last set of jobs data, looking at the period between May and July, the ONS said job openings had continued to fall, with fewer people on the payroll.
“The number of employees on payroll has now fallen in 10 of the last 12 months, with these falls concentrated in hospitality and retail, said Liz McKeown, director of economic statistics at the ONS.
Job openings fell by 5.8% to 718,000 between May and July across nearly all industries.
The ONS said there was evidence that some firms may not be recruiting new workers or replacing people who have left.
A spokesperson for the Treasury said: “Pubs, cafes and restaurants are vital to local communities, that’s why we’re cutting the cost of licensing, helping more pubs, cafes and restaurants offer pavement drinks and al fresco dining, and extending business rates relief for these businesses – on top of cutting alcohol duty on draught pints and capping corporation tax.”
Business
Asia stocks fall for third day, oil edges up as markets track Iran war
The conflict in the Middle East has rattled financial markets and global energy prices have soared.
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Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On March 4
Last Updated:
Petrol, Diesel Price On March 4: Check City-Wise Rates Across India Including In Delhi, Mumbai and Chennai.

Petrol, Diesel Prices On March 4.
Petrol and Diesel Prices on March 4, 2026: OMCs update petrol and diesel prices daily at 6 AM, aligning them with fluctuations in global crude oil prices and currency exchange rates. This daily revision promotes transparency and ensures consumers have access to the most up-to-date and accurate fuel prices.
Petrol Diesel Price Today In India
Check city-wise petrol and diesel prices on March 4:
| City | Petrol (₹/L) | Diesel (₹/L) |
|---|---|---|
| New Delhi | 94.72 | 87.62 |
| Mumbai | 104.21 | 92.15 |
| Kolkata | 103.94 | 90.76 |
| Chennai | 100.75 | 92.34 |
| Ahmedabad | 94.49 | 90.17 |
| Bengaluru | 102.92 | 89.02 |
| Hyderabad | 107.46 | 95.70 |
| Jaipur | 104.72 | 90.21 |
| Lucknow | 94.69 | 87.80 |
| Pune | 104.04 | 90.57 |
| Chandigarh | 94.30 | 82.45 |
| Indore | 106.48 | 91.88 |
| Patna | 105.58 | 93.80 |
| Surat | 95.00 | 89.00 |
| Nashik | 95.50 | 89.50 |
Key Factors Behind Petrol and Diesel Rates
Petrol and diesel prices in India have remained unchanged since May 2022, following tax reductions by the central and several state governments.
Oil Marketing Companies (OMCs) update fuel prices daily at 6 am, adjusting for fluctuations in global crude oil markets. While these rates are technically market-linked, they are also influenced by regulatory measures such as excise duties, base pricing frameworks, and informal price caps.
Key Factors Influencing Fuel Prices in India
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Crude Oil Prices: Global crude oil prices are a primary driver of fuel prices, as crude is the main input in petrol and diesel production.
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Exchange Rate: Since India relies heavily on crude oil imports, the value of the Indian rupee against the US dollar significantly affects fuel costs. A weaker rupee typically translates to higher prices.
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Taxes: Central and state-level taxes constitute a major portion of retail fuel prices. Tax rates vary across states, leading to regional price differences.
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Refining Costs: The cost of processing crude oil into usable fuel impacts retail prices. These costs can fluctuate depending on crude quality and refinery efficiency.
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Demand-Supply Dynamics: Market demand also influences fuel pricing. Higher demand can push prices up as supply adjusts to consumption trends.
How to Check Petrol and Diesel Prices via SMS
You can easily check the latest petrol and diesel prices in your city through SMS. For Indian Oil customers, text the city code followed by “RSP” to 9224992249. BPCL customers can send “RSP” to 9223112222, and HPCL customers can text “HP Price” to 9222201122 to receive the current fuel prices.
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March 04, 2026, 07:33 IST
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Gold Prices: Gold retreats on strong dollar after four-day rally – The Times of India
Gold slumped more than 5%, ending a four-day rally on Tuesday. The metal was weighed down by a stronger dollar and fading prospects of an interest rate cut as inflation concerns intensified against the backdrop of a potentially prolonged conflict in West Asia. Spot gold was down 5.6% at $5,029.59 an ounce whereas prices had hit an over four-week high in the previous session. US gold futures lost 5.1% to $5,041.50.The US dollar, a competing safe-haven asset, rose to an over one-month peak, making dollar-priced bullion less affordable for holders of other currencies. US Treasury yields rose for a second consecutive session.Indian bullion traders and associations are speculating that gold could attain Rs 2 lakh per 10 gm and silver may well scale Rs 3.5 lakh per kg if the conflict does not abate swiftly.Spot silver fell 11.2% to $79.42 an ounce after climbing to a more than four-week high on Monday. As the Iran conflict entered its fourth day, crude oil benchmarks jumped over 8% in response.
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