Britain’s biggest retailers have warned the Chancellor that jobs will be cut and prices will have to rise as they face a more-than-£7 billion hit from Budget tax increases.
More than 70 businesses, including Tesco, Asda and Sainsbury’s, have told Rachel Reeves in an open letter that the changes announced in last month’s Budget mean price hikes are a “certainty”. Ms Reeves revealed a £25.7 billion change to employers’ national insurance contributions in the budget, which would increase the rate of the tax and the threshold at which firms must pay.
More than 70 businesses, including Tesco, Asda and Sainsbury’s, have told Rachel Reeves in an open letter that the changes announced in last month’s Budget mean price hikes are a “certainty”. Ms Reeves revealed a £25.7 billion change to employers’ national insurance contributions in the budget, which would increase the rate of the tax and the threshold at which firms must pay.
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NewsTranscript
00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post. Here
00:06are your headlines for this morning. Some of Britain's biggest retailers have warned
00:11the Chancellor that jobs will be cut and prices will have to rise as they face a more than
00:17£7 billion hit from budget tax increases. More than 70 businesses, including Tesco,
00:24Asda and Sainsbury's, have told Rachel Reeves in an open letter that the changes announced
00:30in the budget mean price increases are a certainty.
00:35Ms Reeves reeled a £25.7 billion change to employers' national insurance contributions
00:40in the budget, which would increase the rate of tax and the threshold at which firms must
00:46pay. My name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.