Wetherspoon (JD) PLC Economic Advice to Chancellor from Wetherspoon (5866F)
March 22 2022 - 5:08AM
UK Regulatory
TIDMJDW
RNS Number : 5866F
Wetherspoon (JD) PLC
22 March 2022
22 March 2022
J D WETHERSPOON PLC
NEWS RELEASE - FOR IMMEDIATE USE
Wetherspoon has criticised the government proposal to increase
VAT to 20 per cent in respect of food in pubs, restaurants and
cafes in April.
Wetherspoon founder and chairman, Tim Martin, said: "It doesn't
make economic sense that food bought in pubs, restaurants and cafes
attracts VAT of 20 per cent, when food is VAT-free in
supermarkets.
"Pubs, restaurants and cafes form integral parts of high
streets, whereas supermarkets are often in edge-of-town or
out-of-town locations.
"Favouring supermarkets over pubs is bad for high streets and
town centres.
"It is also an accepted principle of taxation that it should be
fair and equitable, treating businesses that sell similar products
in a similar way.
"Tax discrimination creates economic distortions.
"Supermarkets have clearly used their favourable tax treatment
to subsidise the price of beer, wine and spirts over recent
decades.
"Pubs, restaurants and cafes play an important role in the
social fabric of the nation, as well as generating employment and
vast amounts of taxes for the Treasury.
"The hospitality industry understands that governments need tax
- but there should be a sensible rebalancing, so that all
businesses selling similar products are treated in the same
way."
Ends
Enquiries:
Eddie Gershon Company Spokesman 07956 392234
Notes to editors
1. J D Wetherspoon owns and operates pubs throughout the UK. The
company aims to provide customers with good-quality food and drink,
served by well-trained and friendly staff, at reasonable prices.
The pubs are individually designed, and the company aims to
maintain them in excellent condition.
2. Visit our website: www.jdwetherspoon.com
3. This announcement has been prepared solely to provide
additional information to the shareholders of J D Wetherspoon, to
meet the requirements of the FCA's Disclosure and Transparency
Rules. It should not be relied on by any other party, for any other
purposes. Forward-looking statements have been made by the
directors in good faith, using information available up until the
date on which they approved this statement. Forward-looking
statements should be regarded with caution, because of the inherent
uncertainties in economic trends and business risks.
4. The current financial year comprises 53 trading weeks to 31 July 2022.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
STRGCGDXSGDDGDD
(END) Dow Jones Newswires
March 22, 2022 05:08 ET (09:08 GMT)
Wetherspoon ( J.d.) (LSE:JDW)
Historical Stock Chart
From Sep 2024 to Oct 2024
Wetherspoon ( J.d.) (LSE:JDW)
Historical Stock Chart
From Oct 2023 to Oct 2024