British voters came out 52 percent in favor of leaving the European Union last month, but an EU exit won't officially happen for years, leading to plenty of speculation on exactly what kind of impact it will have on world economies. The pound quickly fell to its lowest point in decades, and another place where the effects have been felt immediately is in London's high-end restaurants.
Bloomberg reports the Brexit effect has especially impacted restaurants in London's financial district. A French restaurant, Koffman's, says its sales plummeted a full 25 percent in the week following the Brexit vote; meanwhile, Corrigan's in the pricey Mayfair district says it's seeing an unprecedented number of cancellations.
And the worst is likely yet to come: Post-Brexit restrictions on immigration could lead to higher labor costs or labor shortages for restaurants, and meanwhile, drinking imported wines is expected to get considerably more expensive. A weakened pound also means higher prices for imported foods, and further down the road, re-negotiating trade deals with other EU countries could also affect import prices. Many economists believe the UK is headed for a recession, meaning the days of pricey expense account lunches could be in danger.