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JD Wetherspoons warns additional charges over Brexit bill to cost ‘more than £40m’

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Pub chain owner Tim Martin, of JD Wetherspoon has warned Wednesday their half-year profits will be hit from £40m, due to the cumulative impact of additional costs.

Martin said to Sky News, “The fact of the matter is that in the pub world… there are very big cost barriers to overcome.”

Martin said that with steep increases in business rates and minimum wage regulations that 43% of a pint of beer is paid in taxes.

Speaking of the wider issues that Brexit is scaring customers away from the high-street was dismissed by him. He said, “People have tightened their belts a bit… Many have been over indebted so that is probably a good thing.”

Martin spoke about the “unsustainably high” tax burden the government has imposed and that the government could help by reducing these costs, such as helping Mike Ashley’s bid to help save the high-street.

Martin wrote in support of a no deal Brexit, “The most frequently asked question, regarding the future, relates to the impact of leaving the EU.

“I have argued that the UK, and therefore Wetherspoon, will benefit from a free trade approach, by avoiding a ‘deal’ which involves the payment of £39bn to the EU, for which the House of Lords has confirmed there is no legal liability.

“This approach also means that the UK, without the agreement of the EU, can end some or all of the protectionist tariffs and quotas that apply on non-EU imports, including rice, oranges, bananas, coffee, wine, children’s clothes and over 12,000 other products, many of which are not produced in this country.

“Ending tariffs reduces prices for consumers, without loss of government income, since the proceeds are currently remitted to Brussels.”

 




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