UK's largest retailers warn Budget will lead to job cuts

Quick Summary:

Retail firms have written to the chancellor to say they cannot manage rising costs and tax bills.

The rise in the minimum wage from April is set to cost the sector a further £2.73bn, the BRC letter said.

Measures in the Budget, in particular a rise in the tax that firms pay on their staff's wages, have been met with a tide of criticism from business, who argue it will hold back growth.

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Article Details

Category: Business

Markets: United Kingdom

Topics: Government Rise Costs Group Business Been Letter Businesses Retailers Cost

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-19 @ 00:24:30 (10 hours ago)

News Timezone: GMT +0:00

News Source URL: bbc.com

Language: English

Article Length: 742 words

Reading Time: 5 minutes read

Sentences: 28 lines

Sentence Length: 27 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BBC Business

News ID: 23682666

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About BBC Business

Main Topics: Business

Official Website: bbc.co.uk

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Year Established: 1922

Headquarters: United Kingdom

News Last Updated: 12 hours ago

Coverage Areas: United Kingdom

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Publisher ID: #43

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