Wetherspoon boss hits out at rising taxes
JD Wetherspoon chairman Tim Martin yesterday lashed out at the rising cost of taxation as the pubs group saw pretax profits fall 11 per cent during the first half of the year.
He warned JD Wetherspoon and the rest of the industry will be forced to raise prices as they struggled with the impact of inflation in taxes, food, energy and raw materials.
The 787-strong pubs firm said profits fell from £36.2million to £32.2million on revenues up 7.6 per cent to £525.4million. Its interest charges also rose following a refinancing a year ago.
“We made profit after tax of £22million, but total taxes paid to the Government were £220million,” said Martin.
We made profit after tax of £22million, but total taxes paid to the Government were £220million.
The figure included £95million in VAT, duty of £57million, national insurance and income taxes of £33million, property taxes of £20.6million and corporation tax of £11million.
Martin said this and the previous Government have “zealously increased taxes and regulation to a level which are unsustainable”.
However, the shares rose 2¾p to 433¾p as the results came in line with City forecasts. Analysts said they were “solid”.