Wetherspoons' £43M Energy Bill: Boss Warns of Job Losses and Inflation
Wetherspoons, the popular pub chain, is grappling with soaring energy taxes that have pushed their annual electricity bill up to £43 million, nearly two-thirds of their total cost. Boss Sir Tim Martin has slammed the government's net-zero policies, warning of job losses and inflation.
The energy crisis, driven by government policies, has seen the North Sea industry shed 1,000 jobs monthly. Businesses, including Wetherspoons, fear further tax hikes in the upcoming Budget. Sir Tim Martin argues that drinkers are footing the bill for net zero plans through 'huge stealth taxes'.
The latest energy price cap rise was partly due to payments made to wind farm operators to curtail production. Meanwhile, the government is investing heavily in nuclear power, with the Sizewell C project alone expected to cost around £30 billion. Partnerships with US companies and British firms are also exploring small modular reactors (SMRs).
Despite the energy woes, Wetherspoons reported a 4.5% increase in sales and a 10% rise in profits for the year to July 27. However, Sir Tim Martin has blamed the energy cost increases on net zero plans instigated by Theresa May and continued by Boris Johnson.
Wetherspoons' energy taxes have surged to £43 million, nearly two-thirds of their annual electricity bill. The boss, Sir Tim Martin, has criticized the government's net-zero policies, warning of job losses and inflation. Despite sales and profit increases, the pub chain faces challenges from rising energy costs and fears further tax hikes in the upcoming Budget.
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