The chief executive of Associated British Foods stated, "We undoubtedly have significant increases in costs that we are facing. It is not a surprise, the money had to come from somewhere." This emphasizes the unavoidable rise in expenses businesses will face after the tax hikes.
Weston expressed concern about the impact of the tax burden saying, "It's quite clear to me that this a Budget where the weight of the tax rises are falling on business within that, it's fallen particularly on the high street." This highlights the disproportionate impact on retail.
He pointed out that the national insurance bill for AB Foods will rise by "tens of millions", showcasing the financial pressures businesses are likely to navigate due to government decisions.
Despite the increase in costs, Weston confirmed that Primark has "no intention" of raising prices for 2024, which indicates a commitment to keeping prices stable amidst rising business expenses.
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