Wetherspoon and M&S Warn of Price Hikes Due to Budget Tax Increases

Businesses face significant cost rises from increased national insurance and minimum wage, leading to potential consumer price increases.

Wetherspoon's chairman Tim Martin announced a £60 million rise in costs due to the recent budget, primarily from increased national insurance contributions.
The hospitality sector, including major chains like Wetherspoon and M&S, anticipates passing these costs onto consumers through price increases.
The budget, introduced by Chancellor Rachel Reeves, raises employer national insurance rates from 13.8% to 15% and lowers the threshold for payments.
Despite cost pressures, Wetherspoon reported a 5.9% increase in like-for-like sales over 14 weeks, marking a record sales quarter.
Retail and hospitality sectors warn that these tax changes may deter investment, force job cuts, and elevate prices across the UK market.