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Next warns against growth-‘stifling’ tax rises in Budget
Next said higher taxes could stifle growth as it lifted full-year profit guidance to £1.23 billion after stronger-than-expected half-year trading.
- Retail giant Next upgraded its full-year profit forecast to £1.23 billion while warning that tax increases in next month's Budget could threaten consumer spending and economic growth.
- Underlying pre-tax profits rose 10.5% to £569 million in the six months to July, while Statutory pre-tax profits lifted 11.2% to £566 million.
- The company cut its outlook for UK sales growth in the final six months from 2.8% to 2%, citing pressures from rising living costs and higher mortgage rates.
- Chief executive Lord Simon Wolfson warned the tax burden is at its highest level for over 60 years, stating, "These worries will only be compounded if they are accompanied by tax increases."
- International online sales jumped 23.9% despite Middle East conflict, though consumers face mounting pressure from Iran war inflation and a weak jobs market.
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Next boss gives John Healey 'vicious circle' warning over potential tax rises in first Budget
Retail giant Next has warned against tax increases in next month’s Budget as it said consumers were already under mounting pressure from Iran war inflation and a weak jobs market.
·Leeds, United Kingdom
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Evening Standard+5 Reposted by 5 other sources
Next warns against growth-‘stifling’ tax rises in Budget
The retail giant cut its outlook for UK sales growth in the second half on consumer spending concerns.
·London, United Kingdom
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Next warns Budget tax rises could weaken consumer spending as UK outlook darkens - London Business News
Next has warned that further tax increases in next month’s Budget could weaken UK economic growth, as the retailer lowered its domestic sales outlook amid rising living costs, higher borrowing… The post Next warns Budget tax rises could weaken consumer spending as UK outlook darkens appeared first on London Business News
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Total News Sources10
Leaning Left4Leaning Right0Center5Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
L 44%
C 56%
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