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…
In Henry Mance’s piece today for the FT, lunching with Nigel Farage:
“Splendido!” Farage says, when the drinks arrive; I suppose it’s a step to European reconciliation. We clink glasses, and he lights the first of two back-to-back Benson & Hedges. A few minutes later, we’re back downstairs. “Are you drinking? Good.” He orders a glass of Sauvignon blanc for each of us — not a bottle, “because it’s Lent” — followed by a bottle of claret, to have with our meal. They say Farage drinks less than he used to. They say a lot of things.”