As our listeners know, restaurants are great microcosms for macro-economic trends. They sit at the intersection of everything from consumer confidence to commodity costs to the labor market. So on our recent visit to London, we wanted to learn about the business of pubs. According to the British Beer and Pub Association, approximately two pubs a day have closed in England during the first quarter of 2026. Could pubs tell us something about larger trends in the British economy? And when it comes to the day-to-day operations of the business: How is a pub different from a regular bar? And how are publicans — pub managers — dealing with the era of the £10 pint? Today's episode is a special two-parter, devoted to the business of pubs. We talk to Oisin Rogers and Ashley Palmer-Watts, co-founders of the Devonshire, a famed London pub. The first part is with Rogers, who is the publican, and we discuss the difference between a good and bad pub, why he hates the word 'gastropub,' and how the indoor smoking ban changed the meaning of pubs for the average Londoner. Second up is a segment from our London live show with the Devonshire chef Palmer-Watts, who tells us about the complicated confluence of factors — from temperature to the right mix of gases — that lead to a perfect pint of Guinness, why higher ingredient costs (whether it's beef or scallops) don't always correlate to higher menu prices, and making a Victorian-era meat fruit for Apple's Jony Ive.

Read more:
Reeves Floats Price Freezes on Food in Bid to Cut UK Bills
Inflation Resurgence Squeezes US Voters as Gas, Food Prices Rise

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As our listeners know, restaurants are great microcosms for macro-economic trends. They sit at the intersection of everything from consumer confidence to commodity costs to the labor market. So on our recent visit to London, we wanted to learn about the business of pubs. According to the British Beer and Pub Association, approximately two pubs a day have closed in England during the first quarter of 2026. Could pubs tell us something about larger trends in the British economy? And when it comes to the day-to-day operations of the business: How is a pub different from a regular bar? And how are publicans &mdash; pub managers &mdash; dealing with the era of the &pound;10 pint? Today's episode is a special two-parter, devoted to the business of pubs. We talk to Oisin Rogers and Ashley Palmer-Watts, co-founders of the Devonshire, a famed London pub. The first part is with Rogers, who is the publican, and we discuss the difference between a good and bad pub, why he hates the word 'gastropub,' and how the indoor smoking ban changed the meaning of pubs for the average Londoner. Second up is a segment from our London live show with the Devonshire chef Palmer-Watts, who tells us about the complicated confluence of factors &mdash; from temperature to the right mix of gases &mdash; that lead to a perfect pint of Guinness, why higher ingredient costs (whether it's beef or scallops) don't always correlate to higher menu prices, and making a Victorian-era meat fruit for Apple's Jony Ive.
Read more: <a href="https://www.bloomberg.com/news/articles/2026-05-19/reeves-floats-price-freezes-on-food-in-bid-to-cut-uk-bills?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">Reeves Floats Price Freezes on Food in Bid to Cut UK Bills</a> <a href="https://www.bloomberg.com/news/articles/2026-05-12/cpi-surge-squeezes-us-voters-already-facing-high-fuel-food-prices?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">Inflation Resurgence Squeezes US Voters as Gas, Food Prices Rise</a>
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Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Tuesday and Thursday for interviews with the most interesting minds in finance, economics and markets.

Odd Lots

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday, Thursday, and Friday.

On Bloomberg&rsquo;s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday, Thursday, and Friday.

What It Takes to Run One of London's Most Popular Pubs

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