'This budget is devastating,' Mr. Murray said. 'Not only are they adding at least £50 million to our costs next year, but consumer confidence has also been destroyed.' He blamed the measures for weaker-than-expected sales at Frasers, which owns House of Fraser and Sports Direct, and for forcing the company to downgrade its annual profit forecast by £25 million to between £550 million and £600 million.
'It's absolutely budget-related,' he said. 'Consumer confidence significantly fell before it and hasn't recovered since.' The budget's effects have been profound, prompting fears that major retail players like Frasers are increasingly vulnerable to market shocks.
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