This iconic British meal survived WWII. Today's war may kill it
This iconic British meal survived WWII. Today's war may kill it
The United Kingdom's fish-and-chip shops are under severe strain as the prices of key ingredients — including cod and cooking oil — soar as a result of the Russian assault on Ukraine.
As many as a third of the country's roughly 10,000 fish-and-chip restaurants could close in the next nine months, said Andrew Crook, president of the National Federation of Fish Friers. The crisis is the worst he's seen, he told CNN Business.
The trade group represents 1,200 fish-and-chip businesses, and has been running for more than a century.
Crook, who owns his own shop, said prices started rising toward the end of last year, but the costs of staple ingredients have shot up since late February, when Russia invaded Ukraine.
"Across the board, everything's gone up," Crook said.
Businesses across industries are struggling with soaring prices as supply chain snarls have been exacerbated by the war in Ukraine. But British fish and chip shops, which traditionally operate under very narrow margins, are feeling a particular squeeze because of the industry's reliance on Russian imports.
Up to 40% of the industry's cod and haddock come from Russian waters, and about half of its sunflower oil is imported from Ukraine, Crook said.
Businesses are paying about 83% more for sunflower oil compared to early March, according to Crook. Palm oil, a common alternative, has doubled in price. Indonesia — the world's biggest exporter of palm oil — started to restrict exports last month to help maintain domestic supplies.
Adding to the pain are eye-watering energy bills and rocketing prices for fertilizer needed to grow potatoes.
Fish and chips is one of the UK's unofficial national dishes. The first shops opened in the 1860s and spread rapidly as the country industrialized, helping to feed factory workers, according to the trade group. During World War II, as the government rationed other staples such as tea, butter, meat, fish and chips were exempt, so important was the dish to the working classes.
Customers expect their fish and chips to be cheap, Crook said. A year ago, the average price for a regular cod and chips would be about £7, Crook said. Now, he estimates it's around £8.50 — a 21% increase.
"We are running the risk of pricing ourselves out of the market...we're trying to keep increases as low as possible," Crook said. Some have already turned away.
"I've lost some regular customers that used to come every Friday," he added.
Fears that the UK government will impose harsh import tariffs on Russian white fish have pushed businesses to stock up on alternatives, further jacking up the price of the Icelandic and Norwegian fish that Crook buys.
The price of a case of Icelandic cod is now £270 ($331), up from £140 ($176) this time last year, Crook said.
Businesses like Crook's face the uphill task of selling fish and chips to customers facing the worst cost-of-living crisis in decades. Annual consumer price inflation hit 7% in March, its highest level in 30 years, and could hit 10% later this year, according to the Bank of England.
More than half a million small businesses in the UK — that's about one in 10 — plan to shut, downsize or sell up in the next year as many struggle to secure financing, according to a survey by the Federation of Small Businesses.
For Crook, the fate of his shop is personal.
"It's more than just a job. For many of us, we've taken on family businesses," he said. "I'm second generation in the business — and you don't want it failing on your watch."
YOUR FINANCES
TD 'significantly' downgrades home sale, price forecasts
A new report from TD says Canadian home sales could fall by nearly one-quarter on average this year and remain low into 2023.
Gas prices see long weekend drop in parts of Canada, but analysts say relief not likely to last
The Canada Day long weekend saw gas prices plummet in parts of the country, but the relief at the pumps may not stay for very long, analysts say. The decreases come after crude oil prices slid in June following the U.S. Federal Reserve's interest rate hikes, sparking fears of a recession.
Stocks are down, but here's why experts say you shouldn't panic
As stocks continue to slump, it can be easy to let your emotions take over if you've got money invested in the market. But experts agree that there's no need to panic if you're invested in the right type of portfolio with the right level of risk.
My landlord is increasing my rent – what should I do?
With increasing rent prices likely to be the reality for many Canadian tenants, some may be wondering how to navigate rising costs, or whether any course of action can be taken, if any. Legal experts across the country share their advice on how to handle a rent hike.
New clean fuel regulations to raise gas prices, affect low-income Canadians most
New federal regulations to force down the greenhouse gas emissions from gasoline and diesel will cost Canadians up to 13 cents more per litre at the pump by 2030.
OPINION
OPINION | Should you still be saving money with inflation at 7.7 per cent?
With inflation reaching a 40-year high, many Canadians have been left in a state of worry. Not only about the rising prices of consumer goods, but whether or not they should continue to save money. It’s not such a simple question, and it depends greatly on your circumstances, contributor Christopher Liew explains in an exclusive column for CTVNews.ca.
Almost half of Canadians are doing worse financially than the previous year: survey
As inflation rates soar to the highest they've been in Canada in nearly forty years, nearly half of Canadians say that right now, they're doing worse financially than they were at this time last year.
Here's how to save on your next grocery order, according to Canadian couponers
As Canada’s inflation soars, two ‘extreme couponers’ offer their advice on how to save at the grocery store.