Primark boss says weight of Budget tax rises ‘falling on high street’

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 boss of Primark said the “weight of tax rises” in the autumn Budget has fallen on the high street, as he revealed the employer national insurance hike will send the retailer’s bills up by tens of millions of pounds. George Weston, the chief executive of Associated British Foods, which owns Primark alongside food and sugar brands, said it was preparing for a big jump in business costs. It's quite clear to me that this a Budget where the weight of the tax rises are falling on business - within that, it's fallen particularly on the high street George Weston, chief executive of AB Foods Mr Weston said that change means the national insurance bill for AB Foods will “go up by tens of millions”. It is not a surprise, the money had to come from somewhere.” The boss added: “It’s quite clear to me that this a Budget where the weight of the tax rises are falling on business – within that, it’s fallen particularly on the high street.” The remarks come after AB Foods reported £1.1 billion in operating profits at Primark for the year to September 14, which was 53% higher than the previous year.