Young’s will take a £11m hit amid the Chancellors Budget – London Business News | Londonlovesbusiness.com

Pub group Young’s has revealed they will take a whopping £11 million hit from the Chancellor’s Autumn Budget amid the tax hikes.

During the Budget Rachel Reeves announces there will be an increase in the minimum wage and a rise in employers national insurance contributions, Young’s chief executive Simon Dodd warned that as a result there will be a “significant increased costs for our industry in the near term.”

He added, “We will work to see how we can mitigate these headwinds without passing on all the cost to our loyal customers.

“We would like to see certainty and delivery of real business rate reform which will benefit all hospitality businesses.”

Young’s criticised the Chancellor along with JD Wetherspoon’s boss Tim Martin, who said as a result costs will soar “significantly.”