A famous Covent Garden restaurant has been “taxed out of existence” thanks to Rachel from Accounts and her Autumn Budget.
The Chancellor’s employer’s national insurance tax hikes has forced Margot a popular Italian fine dining restaurant to close.
A spokesperson said, “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.”
One of my favourite restaurants @MargotLDN has been taxed out of existence. Always busy and employing a large number of staff who will now be without jobs. The false economy of thinking business can bear unlimited burdens. This is the government’s growth agenda. 😞 pic.twitter.com/kXzY6p4F2k
— Tom Hayes (@robilypj) June 10, 2025
Kate Nicholls, the chief executive of UKHospitality, previously said, “The change to employer NICs is one of the most regressive tax changes ever.
The scale of this change is unprecedented, bringing three-quarters of a million people into this employer tax for the first time, and the extent of the impact will be enormous.
This tax is already forcing businesses to abandon investment, change recruitment plans, reduce headcounts and increase prices to cope with these cost increases.
