UK retailers warn Rachel Reeves of £7bn hit from Budget changes

In the Unlock the Editor’s Digest, large UK retailers like Tesco and Marks and Spencer warn Chancellor Rachel Reeves of potential annual costs up to £7bn post-Budget changes, leading to job losses and higher prices for customers. These retailers, including Kingfisher and Morrisons, highlight concerns over increased employer NI contributions and lower earnings thresholds, urging for discussions with the Treasury to address these issues and propose solutions for a phased introduction of new thresholds and delayed implementation of packaging levies. Despite criticism, the Treasury defends the Budget changes, emphasizing the need for economic stability and growth to support businesses.

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