The Chancellor announced during the Autumn Budget that employers will pay more national insurance and the boss of Primark has warned the « weight of taxes » will hit the high street.
The chief executive of Associated British Foods (ABF) who owns Primark said they are preparing for a large hike in business costs.
Weston said that national insurance bill will rise by “tens of millions” for AB Foods.
Weston told the PA news agency, “We’re an international business as well, we have choices about where we will invest.”
AB Foods have businesses in 56 countries globally and has recently launched in New York.
“We undoubtedly have significant increases in costs that we are facing. 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.”
He stressed that Primark has “no intention” of raising prices for 2024.
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