Wetherspoon boss Tim Martin blames Labour tax hikes for 'high street dereliction' as profits plunge 28 per cent

From the Newshound archive · first published 2 October 2026 · last updated 3 October 2026.

JD Wetherspoon chairman Sir Tim Martin has directly blamed Labour's two Budgets for causing pub closures and "high street dereliction" after pre-tax profits crashed 28 per cent to £58.6 million. Employment costs alone surged £46 million after the minimum wage rise, while repair bills jumped £31 million and business rates climbed £9 million to £42.6 million despite relief measures. Martin warned the Government that pubs already hand over around 40 per cent of receipts in taxes, and urged ministers to show "common sense" ahead of the next Budget.

Martin said Labour's tax and regulatory hikes have made pubs 'even more expensive than supermarkets', driving job losses and closures.

Energy costs rocketed 77 per cent to £40 million last year, squeezing margins that have already slimmed from 6.9 to 5.4 per cent.

Despite the profit slump, a sales boost of 8.6 per cent in the last nine weeks was driven by 'exceptional weather' and expanded beer gardens.