Retail Bosses Warn Job Losses, Higher Prices ‘Inevitable’ After Budget Tax Hikes

Dozens of retail bosses have signed a letter to the chancellor, warning that the Budget will result in job losses and higher prices for shoppers. The letter by 81 CEOs says retailers won’t be able to cope with the hit from higher employer national insurance contributions and living wage increases. Heads of Amazon, Aldi, Boots, Marks & Spencer, Next, and Primark joined in the statement, arranged by the British Retail Consortium (BRC) and published on Tuesday. Retailers warned Chancellor Rachel Reeves that total costs to the sector, resulting from Budgetary measures, could rise by up to £7 billion a year. Currently, businesses pay a rate of 13.8 percent on employees’ earnings above a threshold of £9,100 a year. Labour raised the rate in its Budget to 15 percent from April next year and reduced the threshold to £5,000....