Brexit is about the UK leaving the European Union (EU). There has been much news about the affect of Brexit upon the UK economy and in this article, I want to focus on the possible affect upon the food sector in the UK economy and the relationship to a cryptocurrency. The caveat is that the affects depend upon which type of Brexit will happen i.e. a “soft” vs a “hard” Brexit (in simple terms).
Context
Chefs have a very high turnover and is estimated as at least 40%. The UK is facing a skills and staff shortage within the cooking sector where 23% of restaurants claimed that they are unable to recruit the staff that they need, 37% reported skills shortages and approximately 20% of chefs leave the profession early. Migrant workers from the EU constituted approximately 41% of the chefs and cooks workforce in 2016
A report argued that some businesses are reported to have scaled down their growth plans, others struggle to operate effectively and existing chefs are working longer to compensate for the shortages. These are some of the major reasons for the closure of many restaurants within the UK, with the increase in closures being 21% in 2017.
What about Brexit?
There are concerns that if there is a requirement for EU nationals to obtain a visa (which can be difficult…
