Retailers were blindsided by Reeves's tax raid, says Lidl chief [Yahoo! Finance]
TESCO PLC S/ADR (TSCDY)
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Source: Yahoo! Finance
Ryan McDonnell, the chief executive of Lidl GB, said retailers had been placed “on the back foot” by the Chancellor's changes to employer National Insurance contributions (NICs) last month. Mr McDonnell said: “Some of those costs [which are coming] are completely unexpected.” It comes days after retailers including Marks & Spencer, Boots and Tesco wrote to Ms Reeves warning that job losses were now “inevitable” after changes at her Budget meant they faced £7bn in increased costs. Retail bosses have argued that while they had expected an increase in the rate of NICs, they were caught off guard by the Chancellor's decision to lower the salary threshold at which employers start paying the tax from £9,100 to £5,000. Mr McDonnell said he “wholeheartedly” agreed with his fellow retailers in concerns over the tax raid. He added: “The bill for the retail industry is around £7bn so all of us concerned are looking at multi-million pound bills.” Mr McDonnell was among the 80 senior
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