Sainsbury's chief executive Simon Roberts highlighted that uncertainty over potential tax increases is leading households to exercise caution, particularly with non-essential spending, as they await fiscal clarity.
Roberts indicated that clarity about tax policies is crucial for restoring consumer confidence. He urged that a transparent Budget would positively influence how households approach discretionary spending.
The economic landscape is troubled as the GfK index registered a significant drop in consumer confidence, reflecting anxieties regarding rising costs and anticipated tax hikes.
In addition to tax clarity, Roberts emphasized the need for reduced mortgage costs, asserting that falling interest rates are essential in easing financial pressure on consumers.
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