Sainsbury's and M&S warn Budget may push up prices [Yahoo! Finance]
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Source: Yahoo! Finance
Sainsbury's and Marks & Spencer have hinted at price rises, while pub chain Wetherspoons said "all hospitality business" will increase prices as a result of the tax changes. Meanwhile, Primark's owner said on Tuesday it may invest more overseas due to the "weight of tax rises". Chancellor Rachel Reeves told the BBC on Sunday the NI changes were needed "to put our public finances on a firm footing". From next April, employers will have to pay NI at 15% on salaries above £5,000, instead of 13.8% on salaries above £9,100 currently. The change is set to raise £20bn a year, making it one of the biggest single tax-raising measures in history. Sainsbury's chief executive Simon Roberts said on Thursday the NI changes would cost the business around £140m, a sum which does not include the increases to minimum wage. "I don't think you can shy away from the fact that, because of the changes in everyone's cost base, it is going to feed through into higher inflation," he said. "We wi
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