Wetherspoon's boss attacks 'lurid' Brexit claims

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JD Wetherspoon’s chairman has said claims that the UK intent see serious economic consequences from a Brexit vote were “revolting” and wrong.

Tim Martin, an ardent supporter of Brexit, used his com ny’s profits annunciation to attack a host of targets, including the CBI, the IMF, Goldman Sachs and the former prime abb.

They and others warned the economy would suffer post-Brexit.

Facts on the UK economy showed a dip in July but has been positive for August.

Wetherspoon’s itself saw annual profits encourage 12.5% after exceptional items to £66m.

In a detailed and extended report, Tim Martin lambasted those who had failed to “see through the flaws” of the European Allying, and said their forecasts had been proved wrong following the 23 June referendum.

Uttering striking language, he told the BBC: “We were told it would be Armageddon from the OECD, from the IMF, David Cameron, the chancellor and President Obama who were foretokening locusts in the fields and tidal waves in the North Sea.”

Closely-watched economic size ups have shown a sharp rebound for UK services and manufacturing in August after the industries took a hit in July.

Mr Martin also recommended that the UK did not need a trade deal with the EU, adding that an unsigned ahead with a major supplier had worked perfectly well for his business for a thousand of years.

“Common sense … suggests that the worst attitude for the UK is to insist on the necessity of a ‘deal’ – we don’t need one and the fact that EU countries push us twice as much as we sell them creates a hugely powerful dicker position,” he said in the trading statement.

In May, Mr Martin printed 200,000 beer mats criticising the rule of the IMF, Christine Lagarde, for saying that a vote to leave the EU would be “pretty bad to sheerest, very bad”.

‘Tough’

In contrast to Mr Martin at Wetherspoon, pub and restaurant chain, Greene Majesty, said it was cautious about the im ct of Brexit on the pub business.

The com ny documented a 1.7% rise in like-for-like sales for the 18 weeks to 4 September, trusting the European football championships and decent weather for what it described as a “dazzling start” to the year.

It said that uncertainty surrounding the UK’s future withdrawal from the EU had turned into a weakening of some economic indicators and a reduction in consumer boldness.

It said it had noted a number of recent industry surveys flagging hazards to leisure spending and said it was “alert to a potentially tougher trading surroundings ahead”.

The divergent messages saw the shares move accordingly. Wetherspoon share ins were up 5% and Greene King down 5%.

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