THE chairman of Wetherspoons has issued a warning regarding impending price increases following Rachel Reeves’ Autumn Budget.
Tim Martin revealed that the pub chain’s tax bill is projected to rise by two-thirds next year.
Wetherspoons anticipates that tax and business costs will increase by approximately £60 million over the next fiscal year[/caption]
Martin said: “Cost inflation, which had surged to high levels in 2022, gradually diminished over the subsequent two years.
“However, it has now significantly increased again following the budget.
“All hospitality businesses, we believe, plan to increase prices, as a result.
“Wetherspoon will, as always, make every attempt to stay as competitive as possible.”
Wetherspoons anticipates that tax and business costs will increase by approximately £60 million over the next fiscal year, including an estimated 67% rise in national insurance contributions.
Last week, Rachel Reeves said she was raising the headline employer rate of National Insurance (NI) from 13.8% to 15%.
She also announced a reduction to the threshold at which businesses start paying NI contributions from £9,100 to £5,000.
The group, which runs nearly 800 pubs across the UK, said its sales grew by about 6% in the 14 weeks to November 3, compared with the same period last year.
