Sainsbury’s warns of price rises after £140m ‘barrage’ of Budget costs
The TelegraphSainsbury’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 closely with farmers to make sure they listen to their concerns because we need a resilient, successful, productive food system so that we’re producing what we need here.” It follows warnings that Ms Reeves’s overhaul of death duties, which will end the practice of letting all farmers pass on estates without inheritance tax, will hit three-quarters of all British-grown produce. Mr Roberts added that it was “pretty difficult to disagree” with the Office for Budget Responsibility’s assessment that the extra burden placed on retailers from the Budget would feed into inflation.
History of this topic
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