Tesco, Asda and Sainsbury's have warned of shop closures in a letter written to government following October's budget announcement.
The national minimum wage is set to increase from £11.44 to £12.21 Some of Britain’s largest companies have announced that they could be at risk after one major announcement made in Labour’s October budget. Chancellor Rachel Reeves announced plans for a £25.7billion change to employers’ national insurance contributions in last month’s budget, which would increase the rate of the tax and the threshold at which firms must pay.
‘But, the sheer scale of new costs and the speed with which they occur create a cumulative burden that will make job losses inevitable, and higher prices a certainty. ‘For any retailer, large or small, it will not be possible to absorb such significant cost increases over such a short timescale.’ Aldi, Amazon, Boots, Lidl, JD Sports, Primark, Morrisons and Greggs also signed off the letter.
UK Asda Budget Labour Party Rachel Reeves Sainsbury's Tesco
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