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M&S and Tesco among those warning of a £7bn Budget hit

19 November 2024
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M&S and Tesco among those warning of a £7bn Budget hit
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Supermarkets, including Sainsbury’s and Tesco, are concerned about Labour’s increase in employer national insurance contributions which could significantly add to their costs, leading to job losses and higher prices for customers. Companies like Asda, Sainsbury’s, and Marks & Spencer have already warned of millions in extra costs, potentially resulting in higher inflation rates and impacting interest rates, with experts predicting inflation to rise by 0.4% and interest rates to reach 4.75% by the end of the year.

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