British Supermarket Giants Warn Costs From Budget Will Lead to Higher Inflation

Published on November 8, 2024

British supermarkets have warned that tax changes in last week’s Budget will push up prices, passing extra costs on to consumers. Retail bosses said that a “barrage of costs” coming from hikes in employer National Insurance contributions (NICs) and the national living wage will feed into a higher level of inflation. Sainsbury’s chief executive Simon Roberts said on Thursday that a rise in employer NICs will cost the retailer £140 million, even before wage uplifts are applied. Labour raised the employer NIC rate to 15 percent starting from April next year, while minimum wages will rise to £12.21 an hour for those aged 21 and over....

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