Tim Martin, Wetherspoon's chairman, warned that rising tax bills, particularly a 67% hike in national insurance contributions, may lead to significant price increases for pub customers next year. He emphasized that all hospitality businesses are expected to raise their prices to offset these increased costs, stating that the cost inflation that had decreased in recent years has now surged again following the recent Budget. Wetherspoon, operating around 800 pubs, anticipates an overall tax and business cost increase of approximately 60 million.
Chancellor Rachel Reeves's recent Budget, while aiming not to increase taxes for working individuals, introduced substantial tax hikes that will significantly impact the UK high street. It was noted that the increase in employer national insurance contributions will generate an additional 25.7 billion by 2029-2030. This has raised concerns among various sectors, with Wetherspoon and other hospitality businesses like Primark feeling the pressure and needing to consider raises in their pricing strategies in response to these higher tax liabilities.
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