Big name UK retailers warn Labour job losses ‘inevitable' after National Insurance hike in Budget [Yahoo! Finance]
TESCO PLC S/ADR (TSCDY)
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Source: Yahoo! Finance
In a letter to chancellor Rachel Reeves , more than 70 companies including Tesco, Sainsbury's, Asda and Marks & Spencer warn that the “sheer scale” of rising business costs will have a “harmful effect” on customers and the high street. It marks the first time that many of these household names have expressed concerns over the Budget. The letter was organised by the British Retail Consortium (BRC), with its publication reportedly discouraged by the Treasury. Other business signatories include Amazon, Boots, Aldi, Lidl, Ocado, Morrisons, Greggs, Currys, B&Q, Burberry, JD Sports, Holland & Barrett, Oliver Bonas and Specsavers. A key area of concern in the upcoming increase to employer national insurance contributions (NICs) , rising from 13.8 per cent to 15 per cent in April 2025. This is a tax paid by employers on top of their employee's wages. Previously responding to criticism of the measure, the chancellor said businesses would “have to absorb some of this through profits” a
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