Does the pub industry have a future?

The British pub industry is struggling because there are too many of them, writes Tom Bulford. Like bingo halls and bowler hats, will they also soon belong to a lost age?

The World Showcase at Disneyland's Epcot Amusement Park, where I was a fortnight ago, has permanent exhibitions of eleven countries ranging from the fairly obvious like China, Japan and the USA to less likely candidates, Morocco and Norway.

Each consists of a series of miniature buildings that represents the architecture of that country complete with some exhibitions, samples of the national cuisine and of course the inevitable souvenir shops.

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Tom worked as a fund manager in the City of London and in Hong Kong for over 20 years. As a director with Schroder Investment Management International, he was responsible for £2 billion of foreign clients' money, and launched what became Argentina's largest mutual fund.