Reeves' budget jobs tax will add 20p to the price of a pint, warns Young's pubs boss Simon Dodd
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A pint will cost 20p more after the Budget’s increase in National Insurance contributions, says the boss of Young’s. The pub chain’s chief executive, Simon Dodd, plans to raise prices by up to 3.5 per cent after Rachel Reeves’ tax raid on business.
This would add 20p to the cost of typical pint of beer in London – taking it to £6.50. The warning came as he toasted bumper sales over Christmas and New Year. Beer tax: Young's plans to raise prices by up to 3.5% after Rachel Reeves' tax raid. This will add 20p to the cost of a typical pint of beer in London - taking it to £6.50.
The London-based business told shareholders it had ‘traded exceptionally well’ over the period as drinkers shrugged off high rental and mortgage costs. Total managed revenues were up 30.4 per cent for the five weeks to January 13, with like-for-like sales up 11.6 per cent.
Sales across Christmas Eve, Christmas Day and Boxing Day were up 10.5 per cent year-on-year. Shares closed up 1.68 per cent, or 14p, at 846p. Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
