It is still far too early to tell just how bad the effects of the US terror attacks are going to be on the UK economy.
Eddie, now Sir Edward, George, governor of the Bank of England, admitted on BBC TV over the weekend that the full impact on the world economy was not yet apparent and that the question of whether the UK would be hit by full-blown recession could not yet be answered. However, he did hint at further UK interest rate cuts in the coming weeks to stimulate demand.
PizzaExpress veteran and now chairman of Belgo, Luke Johnson summed up restaurant sector sentiment pretty well last week. "If the UK slowdown becomes more severe then the restaurant sector is unlikely to see any rapid revival, as ultimately dining out is a discretionary item."
He is moving his Belgo business firmly into the middle market by concentrating on rolling out the Strada pizza and pasta chain. Catch them as they trade down.
Top end restaurants, apart perhaps from the ones with endless waiting lists, are not going to be the place to be as corporate excesses û bonuses and expense accounts - are reined in. Groups such as PizzaExpress are probably best equipped to cope with a slowdown.
The problem for the pub, bar and restaurant sector is stripping out those effects that are general and those that are specific to the sector û such as the expected fall-off of US visitors to the UK, especially London which is already a highly competitive eating-out market.
Then there is the question of what is short-term, medium term or long-term. Last week, Lastminute.com reported a 10% fall in cinema bookings and a 15% increase in takeaway food orders as people still stayed home to watch TV. Both BBC and ITV are reporting big increases in news audiences.
But how long will this last? Will the Thursday and Friday late-night circuits soon get back into the swing as people search for at least a little escapism?
It is just hard to foresee. What can reasonably be predicted is that life is likely to be more subdued, less overly excessive, in coming months. All businesses can reasonably do is expect a slowdown and stick to what they are good at.
• So who will buy the Carling beer package, including Caffreys and Worthington, from Interbrew?
Heineken remains the reluctant favourite. South African Breweries says it is not interested, but looks mad to turn up the chance of gaining a real foothold in still one of Europe's best beer markets, despite stories of falling consumption.
Then there is Anheuser-Busch, the US brewer of Bud, which despite all its marketing efforts still only has a 3% share of the UK market.
All could benefit. Setting a strong standard lager brand such as Carling against their premium brands makes sense for all.
Heineken could kill of the opposition by acting decisively now, but seems to be playing a strange waiting game.
The dark horse could yet be Anheuser-Busch, as Carling could prove an important secondary brand as the group tries to open up eastern Europe where in keeps coming up against legal battles with Budweiser Budvar.
Eddie, now Sir Edward, George, governor of the Bank of England, admitted on BBC TV over the weekend that the full impact on the world economy was not yet apparent and that the question of whether the UK would be hit by full-blown recession could not yet be answered. However, he did hint at further UK interest rate cuts in the coming weeks to stimulate demand.
PizzaExpress veteran and now chairman of Belgo, Luke Johnson summed up restaurant sector sentiment pretty well last week. "If the UK slowdown becomes more severe then the restaurant sector is unlikely to see any rapid revival, as ultimately dining out is a discretionary item."
He is moving his Belgo business firmly into the middle market by concentrating on rolling out the Strada pizza and pasta chain. Catch them as they trade down.
Top end restaurants, apart perhaps from the ones with endless waiting lists, are not going to be the place to be as corporate excesses û bonuses and expense accounts - are reined in. Groups such as PizzaExpress are probably best equipped to cope with a slowdown.
The problem for the pub, bar and restaurant sector is stripping out those effects that are general and those that are specific to the sector û such as the expected fall-off of US visitors to the UK, especially London which is already a highly competitive eating-out market.
Then there is the question of what is short-term, medium term or long-term. Last week, Lastminute.com reported a 10% fall in cinema bookings and a 15% increase in takeaway food orders as people still stayed home to watch TV. Both BBC and ITV are reporting big increases in news audiences.
But how long will this last? Will the Thursday and Friday late-night circuits soon get back into the swing as people search for at least a little escapism?
It is just hard to foresee. What can reasonably be predicted is that life is likely to be more subdued, less overly excessive, in coming months. All businesses can reasonably do is expect a slowdown and stick to what they are good at.
• So who will buy the Carling beer package, including Caffreys and Worthington, from Interbrew?
Heineken remains the reluctant favourite. South African Breweries says it is not interested, but looks mad to turn up the chance of gaining a real foothold in still one of Europe's best beer markets, despite stories of falling consumption.
Then there is Anheuser-Busch, the US brewer of Bud, which despite all its marketing efforts still only has a 3% share of the UK market.
All could benefit. Setting a strong standard lager brand such as Carling against their premium brands makes sense for all.
Heineken could kill of the opposition by acting decisively now, but seems to be playing a strange waiting game.
The dark horse could yet be Anheuser-Busch, as Carling could prove an important secondary brand as the group tries to open up eastern Europe where in keeps coming up against legal battles with Budweiser Budvar.
