Fullers warns of pain from rising prices next year

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The London Pride brewer and pubs group says with VAT set to rise in the New Year and interest rates also likely to increase, talk of a recovery is merely bar-room boasting.

"This country is going to have a much tougher time than people are talking about," says chairman Michael Turner. "I am nervous from the country's perspective about the debt. It will be very tough next year." Fuller's looks well placed. In the half year to September, revenue was up 10% to £117 million and profits rose 18% to £14 million.

London Pride remains a popular pint and Turner said: "We have a culture of style not fashion. Some people will be into the latest fads but what people expect from Fuller's is a more traditional approach."

This year Fuller's moved strongly into an area where its presence had been scant, the West End. It bought six pubs from rival Punch Taverns for £25 million, six of which were in and around the tourist part of London.