The hospitality industry in the UK is experiencing a severe financial crisis, with establishments like the Old Crown Coaching Inn in Faringdon, Oxfordshire, facing a triple blow from rising minimum wage, increased business rates, and surging energy prices. Co-owner Nick Evans reports that costs have skyrocketed, with annual revenue reaching £1.4 million but expenses also climbing steeply. The pub's wage bill is set to rise to nearly £370,000 due to minimum wage increases, while energy costs are projected to escalate further if geopolitical tensions persist. The increased business rates, effective from April, add another £24,000 in expenses, leaving many hospitality businesses struggling to maintain profitability. UK Hospitality's chair, Kate Nicholls, warns that many establishments may not survive the next year, with a survey indicating that one in five fear closure. As costs rise, businesses are forced to pass these expenses onto consumers, potentially driving inflation and impacting employment opportunities, particularly for young and part-time workers. Evans and his co-owner are now seeking leniency from HMRC regarding their VAT payments, highlighting the ongoing struggles in the sector.