Consumers Face £1.6 Billion in Price Rises After Chancellor’s ‘Tax Horror Week’ – Guido Fawkes

Consumers Face £1.6 Billion in Price Rises After Chancellor’s ‘Tax Horror Week’

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Next week is ‘tax horror week’ as Reeves’ budget measures, including the hike in NICs, change in business rates and increase in minimum wage, come into effect. Businesses have been bracing for the raid by slashing jobs and shutting up shop in recent months…

New data from Retail Economics reveals that retailers across the UK face £5.56 billion in extra costs thanks to Reeves’ tax raid. Shops are expected to take a £1.76 billion hit to profits, while around £1.72 billion is likely to be passed on to consumers through higher prices and the rest covered by shops cutting costs. Leaving ‘working people’ to pick up the tab…

Retail Economics’ CEO Richard Lim, warns: “Retailers are staring down the barrel of a £5.6 billion wave of additional costs that will squeeze margins and threaten jobs across the industry. With operating costs rising sharply, many retailers have little choice but to absorb some of the financial pain while cautiously passing costs on to consumers already facing their own pressures.” Not exactly reassuring for inflation concerns. ‘Securonomics’ latest…