UK retailers are urging ministers to relax their tax obligations due to anticipated surges in food and non-food item prices resulting from increased employment costs.
Food prices are projected to rise by 4.2% in the latter half of the year, compounded by a 2.6% inflation rate impacting non-food goods.
Helen Dickinson from BRC noted that increased costs from employer national insurance and wage hikes will inevitably lead to higher prices across the retail sector.
The fashion retailer Next plans a 1% price hike to counterbalance a £67 million increase in wage costs resulting from budget measures impacting the retail industry.
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