Sainsbury’s Chief executive Simon Roberts has issued a warning to the Chancellor that raising taxes in the Autumn Budget will send food prices soaring.
Roberts said their customers are “cautious” as there is a lot of uncertainty over what Rachel Reeves will announce during the Budget on 26 November.
Roberts said, “There will be some delayed spending until all of the news of the next few weeks comes through.”
The Sainsbury’s boss echoed calls from other retailers for the Chancellor not hit the industry with more tax rises and cost pressures as the supermarket chain has already been hit with £140 million as a result of the employer national insurance hike.
Retailers have also been hit with new regulatory costs on packaging, this has added “ten of millions” of extra costs.
Roberts said, “The inflationary pressures on cost base have been significant this year… what we don’t want to see is further impacts that may cause further inflation.
“No-one wants to see inflation go any higher.”
Leave a Comment