Tim Martin said the budget has caused a 'substantial' increase in cost inflation and all hospitality businesses are planning to increase prices
Wetherspoon's boss, Tim Martin, has warned that pub prices could increase following the budget . He revealed that the tax bill for the pub chain is expected to surge by two-thirds next year after Labour's Budget increased the National Insurance tax for businesses in the UK.
Analyst Greg Johnson from City broker Shore Capital anticipates that the rise in business taxes could "add a further 5p to a pint". Wetherspoon operates more than 800 pubs across the UK and plans to open additional sites nationwide. In last week's Budget, Rachel Reeves announced that the rate of National Insurance paid by businesses will increase from 13.8% to 15% from April 2025.
Businesses are set to face a double hit as they will not only pay a higher rate of National Insurance but also on a larger portion of employee salaries. It is projected that this change will generate £25 billion, equating to an additional cost of around £800 per employee for each company.
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