Award-winning Italian restaurant to close after nine years blaming Budget tax hikes
AN AWARD-WINNING Italian restaurant is set to close down for good - and the owner blames Rachel Reeves.
Margot is a classic food spot in the heart of London's Covent Garden and customers flocked there to grab fine dining for nine years.
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Margot Restaurant lies in the heart of popular Covent Garden in London
Credit: Google Maps
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The Chancellor's hike to national insurance contributions and minimum wage for firms kicked in at the start of April
Credit: Alamy
But now an Instagram post has announced the Italian is shutting down after "National Insurance costs imposed on us in this year's Budget".
Margot - which opened in 2016 - will close its doors at the end of this month.
It was shortlisted for the Catey Best Newcomer award in 2019.
A spokesperson told customers: "Thanks for being part of our story.
"Dear friends and valued guests.
"After much reflection, and as a result of the substantial business rate and National Insurance costs imposed on us in this year's Budget, we have made the decision to close Margot.
"Our final day of service is June 28, 2025.
"We are deeply grateful for the support, memories and meals we've shared with this wonderful community.
"Thank you for allowing us to serve you. Your loyalty and encouragement have meant everything to us.
"Though this chapter is ending, we have proud of what we have built and we'll carry these memories with us always."
The Chancellor's hike to national insurance contributions and minimum wage for firms kicked in at the start of April.
The NI rise has hit investment, recruitment and prices.
Businesses were dealt the £25 billion 'Jobs tax' raid at the Budget with the increased contributions as confidence among entrepreneurs taking a hit.
From April 6, businesses have to pay a higher rate of employer National Insurance contributions (NICs) of 15% from 13.8%.
The threshold at which they are paid is also being lowered from £9,100 to £5,000.
The Government confirmed it was making the changes in its Autumn Budget last October in a bid to increase revenue.
It also said the move meant it wasn't increasing taxes for working people.
However, it will have an impact on shoppers and everyday consumers as businesses look to pass on the additional costs.
Figures show that almost a third of businesses affected by the hike are planning to cut jobs or freeze hiring.
It comes on the back of 160,000 part-time retail jobs are on the cusp of going in the next two years due to a rise in Labour costs.
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