US EditionRachel Reeves warned that new taxes will hit living standards
UK retailers warn that £7 billion in new costs this year from taxes and wages may push food inflation to 6%, risking higher prices and lower living standards.
- Major UK retailers, including Tesco and John Lewis, wrote to Chancellor Rachel Reeves last week warning that further tax rises could damage living standards ahead of the Autumn Budget.
- Industry groups point to tax and wage rises as the root causes; employer national insurance increases from last year’s Budget and new packaging tax added £7 billion to retail businesses' costs this year.
- Recent Office for National Statistics figures showed UK inflation at 3.8 per cent in July with grocery costs up 4.9 last month, and the British Retail Consortium projects food inflation could reach 6% later this year.
- Some firms are absorbing costs while others cut staff, leading to 100,000 retail jobs lost last year and affecting supply chains in the UK retail sector.
- The British Retail Consortium is urging a cut in business rates and guarantees no shops pay more tax, warning reforms targeting large stores with rateable value over £500,000 next year risk investment and jobs.
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Retailers rally against Rachel Reeves's £7bn tax bill as Tesco and Sainsbury's warn 'prices will rise'
Leading British retailers have cautioned Chancellor Rachel Reeves that additional taxation could undermine Labour's electoral promises regarding employment and living conditions
·London, United Kingdom
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Rachel Reeves issued warning by Tesco, Sainsbury's and John Lewis over major tax rise plans - Daily Star
Chancellor Rachel Reeves' Labour government has been warned by UK retail heavyweights that its tax policies could undermine its key promise to raise living standards
·United Kingdom
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Total News Sources17
Leaning Left4Leaning Right3Center4Last UpdatedBias Distribution36% Left, 36% Center
Bias Distribution
- 36% of the sources lean Left, 36% of the sources are Center
36% Center
L 36%
C 36%
R 27%
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