Wetherspoon’s boss Tim Martin says highly educated people are wrong about the economic impact of Brexit

Tim Martin earlier this year. Photograph: TalkRADIO. - Credit: Archant

The boss of JD Wetherspoon has insisted that there will be no economic hit with Brexit – despite making the comments in the same week that the pound hit a two-year low.

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The pub chain owner was asked about the impact of Brexit by Alastair Stewart on talkRADIO in his capacity as a businessman.

Stewart said: “You’re a businessman, you’ve made a good deal of money out of a very, very successful business.

“Are you on the same side of the fence then as Nigel Farage, who once said ‘it’s a price worth paying, the constitutional, democratic freedom for us to determine our own future is so important if it means we take an economic hit, we take an economic hit’?”

But Martin insisted that there would be no economic impact – and highly educated people and experts need to wise up to this.

He made the comments despite the fact that the pound had just hit a two-year low as the prime minister ramped up no-deal Brexit planning.

He replied: “I sort of agree, but we won’t take an economic hit if you stand back and look, and I think the public is very good at this, highly educated people aren’t.

“If you stand back and look at the situation around the world, the higher the level of democracy the greater the level of prosperity.

“Look at North America which has a constitution which is rooted in democracy, can’t be shifted away from democracy.

“It’s a fantastic performance, whatever you think of Donald Trump, the temporary resident of the White House. Compared to South America, the same population…”

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But Stewart pointed out that such visions simply allow businessmen like Martin to earn more money.

He said: “The Americans also have a massively deregulated economy.

“People on the other side of the equation have accused you and your chums of wanting an offshore, like a Singapore UK. No regulations, just get in there and make a bob or two.”

But Martin insisted it was “cobblers”.

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He said: “I think look at South America, dogged by dictatorship, same geographical area, similar climate, democracy works. Look at Japan, how well it did once it became democratic. South Korea democratic, North Korea not.”