Tim Martin, founder of Wetherspoon, has expressed concerns about a potential increase in alcohol duty in the upcoming Budget, fearing it will further strain pubs already struggling post-pandemic. Chancellor Rachel Reeves is reportedly planning to raise alcohol duty by over 4%, which would increase the price of a bottle of red wine by 15p. Industry leaders warn that this could lead to higher consumer prices and exacerbate the financial difficulties faced by many pubs, with 901 already closing this year. The impact of previous tax increases has severely affected the hospitality sector, prompting calls for a reconsideration of any new tax hikes.
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