Wetherspoon boss warns over price hikes after Budget tax rises

The brag of Wetherspoon has warned implicit terms rises aft the autumn Budget, arsenic helium said the pub chain’s taxation measure volition leap by 2 thirds adjacent year.

Tim Martin, Wetherspoon’s chairman, said helium believes “all hospitality businesses” are readying to walk connected higher costs done terms hikes.

He said: “Cost inflation, which had jumped to elevated levels successful 2022, dilatory abated successful the pursuing 2 years, but has present jumped substantially again pursuing the Budget.

“All hospitality businesses, we believe, program to summation prices, arsenic a result.

“Wetherspoon will, arsenic always, marque each effort to enactment arsenic competitory arsenic possible.”

Wetherspoon, which runs astir 800 pubs crossed the country, said its taxation and concern costs are expected to summation by astir £60 cardinal implicit the adjacent taxation year.

This includes an estimated 67% summation successful nationalist security contributions.

Last week Chancellor Rachel Reeves presented her archetypal Budget, which she said met the Government’s committedness not to summation taxes for “working people”.

But she introduced £40 cardinal a twelvemonth successful other taxes to enactment much wealth into schools, hospitals, transport and houses.

This included plans to summation the complaint of leader nationalist security from April adjacent year, which would rise £25.7 cardinal by 2029 to 2030.

On Tuesday, the main enforcement of Primark’s genitor institution said helium felt “the value of taxation rises” successful the Budget were falling connected the UK precocious street, arsenic helium said the company’s nationalist security measure would emergence by “tens of millions” of pounds.

Meanwhile, Wetherspoon said its income grew astir 6% successful the 14 weeks to November 3, compared with the aforesaid play past year.

Mr Martin said this marked “record” income for the archetypal 4th of the group’s fiscal year.

The institution volition unfastened 9 pubs this year, including astatine London Bridge presumption and Fulham Broadway underground successful London and Manchester Airport, and has sold 5 pubs successful 2024.