Luke Johnson: Labour win would threaten UK growth
Luke Johnson, chairman of the bakery group behind Patisserie Valerie, on Wednesday criticised Labour’s election promises, claiming they would threaten business growth.
The opposition party yesterday set out its manifesto, including an increase in the minimum wage, a corporation tax hike and an “excessive pay levy” on salaries above £330,000.
Brexiteer Johnson, known for building the Pizza Express restaurant chain, described the manifesto as “a very scary document”, particularly the nationalisation plans and “sharp” increases in public spending and tax.
“As far as I can see there’s a real lack of real calculations in how it should all be funded and I think it would be very discouraging for those who are prepared to grow business to have these extra burdens and controls imposed.”
Theresa May’s policies were more likely to stimulate growth, he added.
Johnson’s comments came as his Patisserie Holdings Group reported an 11% rise in revenue to £55.5 million in its first half.
Pre-tax profits rose 15.7% to £9.7 million and the dividend was up 20% at 1.2p a share.
It recently opened its first store in Ireland and said “encouraging” early success highlighted the brand’s “international potential”.
