Large UK retailers are bracing for a £7 billion rise in annual costs from the national living wage and increased national insurance, threatening jobs and prices.
Retailers urge the government to reconsider the impact of rising costs, stating that job cuts and closures will soon become inevitable as they cannot absorb these expenses.
CEO of Monsoon and Accessorize highlighted the tough choices retailers are making, stating that protecting jobs may mean passing on costs to customers.
BRC warns that the cumulative burden of new regulations will slow pay growth and increase inflation, affecting high streets across the nation.
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