Major supermarkets, including Sainsbury's and Marks and Spencer, have indicated that food price increases are inevitable due to tax hikes from Labour's Autumn Budget.
Rachel Reeves highlighted that businesses must decide whether to absorb costs through efficiency and productivity gains, lower profits, or potentially lower wage growth.
The Chancellor announced plans to increase national insurance contributions, raising the rate from 13.8% to 15%, causing concern among major retailers regarding their financial stability and operational costs.
The Office for Budget Responsibility has raised concerns about inflation continuing above target rates due to household financial pressures, forecasting Consumer Prices Index inflation around 2.5% for 2024.
Collection
[
|
...
]