A restaurant in the heart of Covent Garden has blamed Rachel Reeves for its shock closure this weekend.
Margot Italian on Great Queen Street will serve its last customers this weekend after nine years of trading.
Founded in 2016 by maître d's Paulo de Tarso and Nicolas Jaouën, Margot Italian has received praise for its menu, which includes its fan-favourite ravioli with toasted pine nuts.
But Margot Italian’s owners have announced it will close its doors for good on Saturday due to the Chancellor hiking National Insurance contributions by 1.2 per cent in her October Budget.
In a message to “dear friends and valued guests”, Margot Italian said: “After much reflection, and as a result of the substantial business rate and national insurance cost increases imposed on us in this year's budget, we have made the difficult decision to close Margot.
“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 are proud of what we built and we'll carry these memories with us always.”
Diners took to social media to share their dismay at the closure, with one commenter stating: “One of my all time favourite restaurants with so many great meals and wonderful memories. Thank you for being so special.”
Another posted: “This is dreadful news! You will be so missed. We've had wonderful evenings with you and some unforgettable birthday meals.”
Businesses are now paying a 15 per cent rate in national insurance contributions and workers on the national minimum wage are now on £12.21 per hour, a 6.7 per cent increase.
As of March, there were 98,866 licensed hospitality premises across Britain — just slightly up from 12 months prior, according to the most recent Hospitality Market Monitor from CGA Strategy by NielsenIQ and AlixPartners.
However, between January and March alone, the industry contracted by 0.3 per cent, which is equivalent to 20 net closures per week.
