Warning retail job cuts ‘inevitable' after Budget [Yahoo! Finance]
MARKS & SPENCER GRP S/ADR (MAKSY)
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Source: Yahoo! Finance
Tesco, Amazon, Greggs, Next, and dozens of other chains are urging the Treasury to reconsider some of the measures. In a letter to Chancellor Rachel Reeves, they said the "cumulative burden" of the Budget changes, and other policies already in the pipeline, would amount to an additional £7bn in costs next year. A Treasury spokesperson said the government had had to "make difficult choices to fix the foundations of the country". Measures in the Budget, in particular a rise in the tax that firms pay on their staff's wages, have been met with a tide of criticism from business, who argue it will hold back growth. But concerns have been loudest among retailers and hospitality businesses, where many young people find their first jobs. Firms in those sectors are also facing higher costs from next year's rise in the minimum wage. The government has defended its tax rises as necessary to avoid cuts to public services, and the rise in the minimum wage, with a bigger boost for younger
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