As per the CBI survey, UK retailers are facing a severe downturn in sentiment, marking the lowest in five years. The industry anticipates significant job cuts and increased prices due to rising employer national insurance contributions and minimum wage hikes from the Chancellor’s Autumn Budget. A decline in retail sales was reported, with expectations of continued downturn. Retailers are also cutting back on investment, leading to fears of further reduced employment in the sector as the situation worsens.
The CBI reported the sharpest decline in retailer sentiment in the last five years, with employment expected to drop significantly next month.
Retailers are planning to cut jobs and raise prices, influenced by increased national insurance contributions and a challenging sales environment.
Retail sales continue to decline year-on-year, and retailers anticipate a faster drop in sales next month, marking a concerning trend.
A substantial reduction in capital expenditure is expected as retailers navigate subdued demand and uncertain business conditions over the coming year.
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