Wetherspoon's sales defy Brexit 'doom-mongering'

12-Jul-2016 - Last updated on 20-Aug-2024 at 16:42 GMT

Tim Martin has been a prominent pro-Brexit campaigner

JD Wetherspoon chairman Tim Martin has hit out at ‘doom-mongering’ politicians and business leaders who claimed that leaving the EU would be fatal for the UK economy.

Martin, an outspoken voice in the Leave campaign, used the release of his firm’s quarterly results to criticise those who warned that a vote for Brexit could result in economic slowdown.

He argued that the ‘irresponsible’ claims by figures such as Chancellor George Osborne, outoing Prime Minister David Cameron and Bank of England Governor Mark Carney had led to the situation potentially becoming a reality.

Martin wrote: "In my opinion, the above individuals and organisations are either dishonest, or they have a poor understanding of economics, since democracy and prosperity are closely linked and the EU is clearly undemocratic.

"By voting to restore democracy in the UK, I believe the UK's economic prospects will improve, although it is quite possible that the unprecedented and irresponsible doom-mongering may lead to some kind of slowdown.”

He added that despite the dire economic predictions Wetherspoon’s trade had strengthened slightly in the run up to the vote.

Like-for-like sales at the pub group rose four per cent in the past 11 weeks after it scrapped Sunday Roasts and introduced a 99p takeaway coffee.

“We consequently anticipate a modestly improved outcome for this financial year,” said Martin.

However, he added: "Caution should be exercised in extrapolating current levels of sales growth for future years."