Is the ‘Budget for working people’ about to bite supermarket shoppers?
1 month, 3 weeks ago

Is the ‘Budget for working people’ about to bite supermarket shoppers?

The Independent  

Is chancellor Rachel Reeves’s decision to hike employers’ national insurance contributions about to hit us all – and right in the supermarket baskets? According to analysis by investment bank Morgan Stanley, Tesco, the big dog of the UK’s grocery sector, expects to face a £1bn national insurance tax bill over the next four years. Reeves chose this as the principal way to close the £22bn black hole in the public finances that she identified because the tax rise won’t immediately appear in the payslips of “working people”. There is a reason Sainsbury’s boss Simon Roberts recently said the group just didn’t have “the capacity to absorb this level of unexpected cost inflation”. Last March, food price inflation hit a peak of 19.2 per cent, according to the Office for National Statistics – the highest annual rate for more than 45 years.

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History of this topic

New Budget blow for Starmer as retailers warn of price hikes and job cuts
1 day, 15 hours ago

New Budget blow for Starmer as retailers warn of price hikes and job cuts

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Keir Starmer faces a fresh …

How long will the shadow of Reeves’ Budget hang over Britain’s gloomy economy?
2 weeks, 4 days ago

How long will the shadow of Reeves’ Budget hang over Britain’s gloomy economy?

The Independent  

Fun fact: the OECD still predicts that Britain’s economy will be one of the stars of the G7 during 2025 with growth of 1.7 per cent, lagging only behind the US at 2.4 per cent. Labour’s tax-raising budget, and particularly the decision to raise £24bn by hiking employer national insurance contributions looms large over UK plc. The Bank of England’s …

Currys warns Budget will lead to ‘inevitable’ price rises due to £32m of extra costs
3 weeks, 6 days ago

Currys warns Budget will lead to ‘inevitable’ price rises due to £32m of extra costs

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy High street electrical retailer Currys …

Rachel Reeves brushes off business: Chancellor tells angry business chiefs nobody has any 'alternatives' to her massive Budget tax raid - despite half of firms warning of job cuts
1 month, 1 week ago

Rachel Reeves brushes off business: Chancellor tells angry business chiefs nobody has any 'alternatives' to her massive Budget tax raid - despite half of firms warning of job cuts

Daily Mail  

A bullish Rachel Reeves today dismissed business anger over her monster Budget tax raid by insisting no-one has any better ideas. Chancellor Rachel Reeves acknowledged anxiety about the impact of the measures in her bombshell fiscal package as she was grilled at the CBI conference CBI chief executive Rain Newton-Smith insisted industries such as retail and hospitality have been pushed …

DAILY MAIL COMMENT: Farmers cry of rage at Budget betrayal
1 month, 2 weeks ago

DAILY MAIL COMMENT: Farmers cry of rage at Budget betrayal

Daily Mail  

This was the day the farmers came to town. Changes to inheritance tax in Rachel Reeves’s baleful Budget mean many farms can no longer be passed down the generations without punitive death duties, which countless families will be unable to cover. In an open letter yesterday, Britain’s biggest retailers warned the Chancellor’s short-sighted tax assault would bring higher prices and …

Britain’s biggest retailers say job losses ‘inevitable’ after Budget tax hikes
1 month, 2 weeks ago

Britain’s biggest retailers say job losses ‘inevitable’ after Budget tax hikes

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. More than 70 businesses, including Tesco, Asda and Sainsbury’s, …

Budget risks causing job cuts, says Bailey
1 month, 2 weeks ago

Budget risks causing job cuts, says Bailey

The Telegraph  

The Governor of the Bank of England has warned Rachel Reeves’s tax-raising Budget has put jobs at risk. Andrew Bailey said retailers were “right” to warn of potential job cuts as a result of the £40bn of tax rises in the Chancellor’s speech last month, referring to an industry-wide letter published today. Dozens of Britain’s biggest retailers have warned Ms …

Retailers warn job losses ‘inevitable’ as they brace for £7bn Budget hit
1 month, 3 weeks ago

Retailers warn job losses ‘inevitable’ as they brace for £7bn Budget hit

The Telegraph  

Dozens of Britain’s biggest retailers have warned Rachel Reeves that her plans to hike National Insurance will cause staff to be laid off and shops to be shut. Major companies including Tesco, M&S, Boots and B&Q have written to the Chancellor saying that job losses were now “inevitable”, as a result of the “sheer scale” of the new costs on …

Job losses and price hikes inevitable, warn UK’s biggest firms in stark message to Rachel Reeves over Budget
1 month, 3 weeks ago

Job losses and price hikes inevitable, warn UK’s biggest firms in stark message to Rachel Reeves over Budget

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Price hikes and job cuts are inevitable following Labour’s Budget, business …

High street firms face ‘terrible choices’ after Budget tax rises
1 month, 4 weeks ago

High street firms face ‘terrible choices’ after Budget tax rises

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Hospitality and retail businesses have …

Shops and restaurants to cut opening hours after National Insurance raid
1 month, 4 weeks ago

Shops and restaurants to cut opening hours after National Insurance raid

The Telegraph  

Rachel Reeves’s tax raid risks turning high streets into “ghost towns” for much of the week, as pubs, restaurants and shops prepare to shut earlier and open on fewer days. Retail and hospitality chiefs said they were actively looking at reducing opening hours in response to Ms Reeves’s decision to raise employers’ National Insurance contributions. It raises fears that the …

Hospitality bosses warn national insurance changes ‘unsustainable’
1 month, 4 weeks ago

Hospitality bosses warn national insurance changes ‘unsustainable’

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Hospitality bosses have told Rachel Reeves her changes to National …

Pubs and restaurants tell Reeves they face closures and ‘drastic’ job cuts after tax raid
1 month, 4 weeks ago

Pubs and restaurants tell Reeves they face closures and ‘drastic’ job cuts after tax raid

The Telegraph  

Britain’s biggest pubs, hotels and restaurants have told Rachel Reeves they face being forced to shut sites and make “drastic” job cuts after the Chancellor launched a tax grab on employers. In a letter to Ms Reeves, more than 200 hospitality bosses warned the sharp increases in National Insurance contributions were “unsustainable” and would lead to venues shutting down and …

Asda chief lashes out at Reeves’s ‘very, very damaging’ Budget
2 months ago

Asda chief lashes out at Reeves’s ‘very, very damaging’ Budget

The Telegraph  

Asda’s chairman has hit out at Rachel Reeves’s “very, very damaging” tax rises, warning it will force the supermarket to look closely at how many workers it can afford to employ. Lord Rose said it was “perfectly” clear that the Chancellor had not delivered a Budget for businesses, saying extra taxes were “disproportionately heavy” on larger companies which employ a …

Sainsbury's boss warns barrage of Budget costs will lead to higher prices
2 months ago

Sainsbury's boss warns barrage of Budget costs will lead to higher prices

Daily Mail  

Warning: Simon Roberts, the boss of Sainsbury's, warned that changes to national insurance made by the Government will add £140m to its tax bill The boss of Sainsbury's has warned that changes to national insurance made by the Government in the Autumn Budget will force prices to rise. Simon Roberts said Rachel Reeves decision to hike NI by 1.2 percentage …

Sainsbury’s warns of price rises after £140m ‘barrage’ of Budget costs
Trending News
2 months ago

Sainsbury’s warns of price rises after £140m ‘barrage’ of Budget costs

The Telegraph  

Sainsbury’s is facing a “barrage of costs” that will force it to raise prices, its chief executive has warned, as the retailer revealed a £140m hit from Rachel Reeves’s National Insurance tax raid. Simon Roberts said “difficult decisions” would have to be made after the Chancellor’s Budget triggered a steep rise in costs. “I would urge the Government to work …

The 'final nail in the coffin' for small businesses: Owners consider shutting up shop after Rachel Reeves' tax bomb budget as firms put a stop to hiring staff due to crippling NI hike
2 months ago

The 'final nail in the coffin' for small businesses: Owners consider shutting up shop after Rachel Reeves' tax bomb budget as firms put a stop to hiring staff due to crippling NI hike

Daily Mail  

Small business owners have declared Rachel Reeves' Budget 'the final nail in the coffin' as they continue to digest its impacts nearly a week on. Aimee and Richard Bland, aged 39 and 45, owners of Darlington play café CuriosiTeas, said the Budget had left them asking 'what's the point of running a small business' Sam Kirk, Managing Director at J-Flex …

Chancellor Rachel Reeves finally admits her National Insurance rise will hit working people
2 months, 1 week ago

Chancellor Rachel Reeves finally admits her National Insurance rise will hit working people

Daily Mail  

RACHEL Reeves yesterday admitted her bombshell Budget will squeeze the wages of millions of working people. But economists warned that most of her £25 billion raid on employer National Insurance would be passed on to workers through lower wages. Chancellor Rachel Reeves told MPs on Wednesday that she had protected workers by freezing direct taxes on their pay Economists warned …

Employer national insurance hike to slow hiring and wage growth, critics say
2 months, 1 week ago

Employer national insurance hike to slow hiring and wage growth, critics say

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Chancellor has admitted that …

Millions of working people will suffer from Reeves’s first Budget, warns OBR
2 months, 1 week ago

Millions of working people will suffer from Reeves’s first Budget, warns OBR

The Telegraph  

Millions of working people will suffer from Rachel Reeves’ Budget tax raid, the Government’s fiscal watchdog has warned. Workers will pay for 80pc of the Chancellor’s increase in employer National Insurance in the long term through lost wage increases and lower income, according to the Office for Budget Responsibility. Homeowners also face hundreds of pounds more in mortgage bills, with …

Millions to get bumper pay rises in Budget: Chancellor Rachel Reeves is set to announce 6% hike in National Living Wage to at least £12.12-an-hour
2 months, 1 week ago

Millions to get bumper pay rises in Budget: Chancellor Rachel Reeves is set to announce 6% hike in National Living Wage to at least £12.12-an-hour

Daily Mail  

Millions are in line for pay rises as Rachel Reeves gears up to announce an inflation-busting rise in the minimum wage to at least £12.12-an-hour. Government sources say the Chancellor will use tomorrow's Budget to unveil a 'significant' rise in what will be rebranded the 'new living wage'. While this will boost many workers' pay packets, it could also deal …

Starmer intervenes in ‘working people’ Budget row with grim warning
2 months, 1 week ago

Starmer intervenes in ‘working people’ Budget row with grim warning

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Prime minister Keir Starmer promised the Budget will ‘ignore the …

Make no mistake – if Reeves hikes ‘employer’nNational insurance, it IS a tax on working people
2 months, 3 weeks ago

Make no mistake – if Reeves hikes ‘employer’nNational insurance, it IS a tax on working people

The Independent  

Ahead of her first-ever Budget, speculation is mounting that chancellor Rachel Reeves will hike up employer national insurance contributions. At first glance, this may seem as though Labour is keeping its pre-election promise to not clobber “working people” – but make no mistake: this plan very much will impact hard-working folk. “Working people” might not see a direct impact if …

Rachel Reeves hints her Budget will hike National Insurance amid fears she could take £30BILLION from Brits
2 months, 3 weeks ago

Rachel Reeves hints her Budget will hike National Insurance amid fears she could take £30BILLION from Brits

Daily Mail  

Rachel Reeves dropped a major hint that firms will be hit with a major tax increase in the Budget today. Keir Starmer was warned today that raiding employers' national insurance in the Budget would be a 'straighforward breach' of Labour 's manifesto The head of the IFS, Paul Johnson, said the Labour manifesto was 'clear' on NICs Ministers have been …

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