The pub group Fuller’s has said that Labour’s Autumn Budget will cost them £3 million amid the national insurance contributions hike.
Fuller’s has warned that customers will take hit in the price of beer as a result of the Chancellor Rachel Reeve’s Budget.
Fuller’s has warned their customers will pay more for food, drink and hotel bills as the Chiswick based brewer will have to pass on the cost to their customers.
The Brewer’s chairman warned that the Chancellor’s Budget will not stimulate economic growth and that Labour’s policies will “drive many businesses to the wall.”
The company also revealed that the planned increase from the Budget of the minimum wage, Fuller’s will be facing an extra £8 million in 2025.
Simon Emeny, chief executive of Fuller’s, told the PA news agency, “We won’t be able to afford to just take the £8 million hit to the bottom line, so there will be price increases and it will be inflationary.”
He admitted that it is “too early” to see exactly at this time how the Budget will impact Fuller’s investment plan, but many businesses have put off investment and have cut back on hiring staff because of the Chancellor’s announcements on 30 October.
Emeny stated, “Our customers want a high level of service so it’s imperative we don’t compromise on that.”
He added, “For a government that was supposed to be stimulating economic growth, it will do the exact opposite.”
Fuller’s chairman Michael Turner said, “The Chancellor’s actions are a direct attack on those labour-intensive industries that are the lifeblood of our economy, whilst leaving the large City institutions, that can afford to pay their share, almost completely untouched.
“The unintended consequences of these actions will be to drive inflation higher, put pressure on wages, and will drive many businesses to the wall.”
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