Wetherspoons

Ticker JDW

Today's data summary

Market open
% change
-0.92%
Price Pence
1506.00
Change
-14.00
As of 16:07 21 Feb 2020
Market cap. Pound sterling
1,576.46 million
As of 16:07 21 Feb 2020

Latest updates

Bank of England 'should shut up' on Brexit

World Business Report

Tim Martin
Getty Images

Brexit campaigner and Wetherspoon pub chain founder Tim Martin has hit out at Bank of England economic growth projections for the UK after Brexit.

The bank said on Thursday that Brexit-related uncertainty had "weighed on investment" over the past few years - although outgoing Bank of England Governor Mark Carney said fewer companies in the UK are worried about Brexit, and that survey data suggested UK growth will improve.

But policymakers now believe the UK's potential growth has been reduced to 1.1%. This is down from 2.9% before the financial crisis and 1.6% over most of the past decade.

Mr Martin, who has never been shy of giving his opinion on Brexit, said that the Bank “talks absolute cobblers”.

“I just wish they would shut up," he said.

"They have been so wrong on everything they’ve said. For example, they and others said just by voting Leave, would by today have lost half a million jobs.

"Since 2016, we’ve created a million, so they were wrong by a ginormous amount, and government revenues from tax is at a record high, household income’s at a record high, employment’s at a record high. What do we have to do?”

Bank of England ‘should shut up’ on Brexit

World Business Report

Tim Martin
Getty Images

Brexit campaigner and Wetherspoon pub chain founder Tim Martin has hit out at Bank of England economic growth projections for the UK after Brexit.

The Bank said on Thursday that Brexit-related uncertainty had "weighed on investment" over the past few years - although Bank of England Governor Mark Carney said fewer companies in the UK are worried about Brexit, and that survey data suggested UK growth will improve.

But policymakers now believe the UK's potential growth has been reduced to 1.1%. This is down from 2.9% before the financial crisis and 1.6% over most of the past decade.

Mr Martin, who has never been shy of giving his opinion on Brexit, said that the Bank “talks absolute cobblers”.

“I just wish they would shut up," he said.

"They have been so wrong on everything they’ve said. For example, they and others said just by voting Leave, would by today have lost half a million jobs.

"Since 2016, we’ve created a million, so they were wrong by a ginormous amount, and government revenues from tax is at a record high, household income’s at a record high, employment’s at a record high. What do we have to do?”

Wetherspoons puts two-drink limit on parents

Young couple in pub
GETTY IMAGES

Going to the pub with your children? You may have to watch your drink consumption.

Wetherspoons pubs are limiting parents to two alcoholic drinks each if they've got children with them.

The rule came to light when the Robert Pocock pub in Gravesend, Kent, put up a poster publicising it.

The chain said its guideline for staff applied in its pubs nationwide, and was designed to deter "unruly behaviour" by children left unsupervised.

It has been a crime since 1902 to be drunk in charge of a child under the age of seven in a public place. The offence can be punished by a fine or up to a month in jail.

Wetherspoon result

Tim Martin
Getty Images

Last week Tim Martin, the chairman of pub chain JD Wetherspoon chairman hit out against Britain's corporate governance rules, blaming them for creating "short-termism, inexperience and navel-gazing".

That was ahead of the annual general meeting for shareholders which has taken place and at which investors were also being urged to vote against the annual report over its failure to clear pro-Brexit spending.

In the end nearly 5% of investors voted against the annual report according to the results of the AGM just published.

There were also votes of 20% against directors being re-elected (by the independent shareholders) to the board Debra van Gene and Sir Richard Beckett.

Pirc's response

Tim Martin
Getty Images

Pirc has now issued statement from its boss Alan MacDougall following the criticism from Tim Martin (pictured), chairman of pubs group JD Wetherspoon.

Mr MacDougall says: "We genuinely find what Tim Martin has to say about corporate governance worth listening to (personal attacks aside). You can't work in this field for as long as have without recognising some of the limitations of the looking at companies through a governance framework",

He says that the nine-year rule for non-executive directors, attacked by Mr Martin, was not Pirc's creation. "If Tim Martin was standing as chief executive of JD Wetherspoon the issues around his election would not arise. It's an interesting question how many people would assume he is the chief executive or could name the company's actual chief executive, given the prominent role he plays".