Key facts
- Major UK pub chains' share prices have fallen since the Brexit vote.
- JD Wetherspoon is the only London-listed pub firm whose share price increased post-Brexit.
- The proportion of EU workers in UK hospitality decreased from 18% to 12% between late 2019 and 2023.
- Total hospitality employment in the UK rose from 2.3 million to 2.6 million between March 2016 and 2026.
- JD Wetherspoon chairman Tim Martin claims job creation has thrived outside the EU.
- Fuller Smith and Turner executive chairman Simon Emeny believes the UK's economic position has worsened post-Brexit.
A decade after the UK's vote to leave the European Union, leaders of major British pub companies are divided on the economic impact of Brexit.
While JD Wetherspoon's chairman Tim Martin, a prominent Brexiteer, maintains that the UK's job market and economy have performed adequately outside the EU, citing job growth and a low unemployment rate, others disagree.
Simon Emeny, executive chairman of Fuller Smith and Turner, stated that the UK is in a worse economic position than a decade ago, attributing some of this to Brexit and subsequent tax increases on the pub sector. Jonathan Neame, CEO of Shepherd Neame, found it challenging to isolate Brexit's effects from other major disruptions like the COVID-19 pandemic and the war in Ukraine, but described the UK as having become a more difficult place to do business.
Despite these challenges, Martin pointed to increased overall hospitality employment and argued that fears of job losses due to reduced immigration have not materialized, with net migration figures showing fluctuations but an overall increase in workers. He also expressed regret that the government had not reduced EU-era tariffs on certain goods.
Pub bosses have warned of a breaking point due to years of tax hikes, including business rates and increased labor costs. While some Brexit-related benefits, such as cuts to alcohol duty on draft beer, have been noted, they are seen by some as insufficient to offset the broader economic pressures.