Local business owner says Government is pricing people out of a pint
Experts predict almost half of Britons will spend less over next three months
A pub owner in Oxford says people are being priced out of a pint due to the Government 'targeting' the hospitality industry with tax increases.
It comes as experts predict that almost half of Britons will spend less over the next three months.
Tom Rainey owns two pubs in the city, and he says the government have ‘targeted’ the hospitality industry with rises to minimum wage, Employer’s National Insurance Contributions, as well as a cut in hospitality business rates relief.
He tells us that businesses have been forced to put their prices up, which is driving customers away.
“We're going to see total bloodshed within the hospitality industry. Pubs and restaurants will be shut, lots of people will be laid off and unemployed - I believe then only then they will see how much carnage they're causing to the to the hospitality industry.”
He added: “In the future, pubs will become the playground for the rich and wealthy as unfortunately, in three years’ time we’ll see pints at £10 and food at £30.”
Figures predict almost half of Britons will spend less over the next three months with retailers already face significant falls in visitor numbers compared with a year ago.
45% of consumers say they expect to spend less and 41% are "actively" looking for ways to cut unnecessary spending, according to the latest Movers Index from Virgin Media O2 Business.
The research also shows that nearly half of consumers (46%) have cancelled at least one subscription, rising to 80% for those aged 18 to 24.
Mr Rainey says, “I don't blame people for wanting to spend less because the prices in pubs are going up.
“Existentially, the prices are going up due to government and Rachel Reeves's attack on the pub industry.”
We’ve approached the Government for a comment.