Supermarkets face billions in extra costs amid the Budget and warn the Chancellor of higher food costs - London Business News | Londonlovesbusiness.com
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from London Business News | Londonlovesbusiness.com3 months ago
Tesco has warned they will face a £1 billion hit due to Labour’s increase in National Insurance Contributions, impacting their costs and operations significantly.
London Business News | Londonlovesbusiness.comhttps://londonlovesbusiness.com/supermarkets-face-billions-in-extra-costs-amid-the-budget-and-warn-the-chancellor-of-higher-food-costs/
Morgan Stanley analysts estimate Tesco will pay approximately £250 million resulting from the National Insurance rise as Labour's Budget raises concerns among UK businesses.
London Business News | Londonlovesbusiness.comhttps://londonlovesbusiness.com/supermarkets-face-billions-in-extra-costs-amid-the-budget-and-warn-the-chancellor-of-higher-food-costs/
Sainsbury's chief executive Simon Roberts cautioned that the government and consumers will experience higher food costs stemming from the Chancellor's decision in the recent Budget.
London Business News | Londonlovesbusiness.comhttps://londonlovesbusiness.com/supermarkets-face-billions-in-extra-costs-amid-the-budget-and-warn-the-chancellor-of-higher-food-costs/
Asda's chairman Lord Rose highlighted the inflationary impact of Labour's changes on businesses, stressing that the increases would be financially burdensome for many.
London Business News | Londonlovesbusiness.comhttps://londonlovesbusiness.com/supermarkets-face-billions-in-extra-costs-amid-the-budget-and-warn-the-chancellor-of-higher-food-costs/
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#national-insurance #tesco #labour-budget #business-impact #inflation
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