More businesses say Budget cost rises will be passed on to customers
Chancellor of the Exchequer Rachel Reeves leaves 11 Downing Street, London, with her ministerial red box before delivering her Budget in the Houses of Parliament, October 30, 2024
RETAIL and construction giants have warned that increased costs stemming from Labour’s Budget will be passed on to customers.
Marks & Spencer (M&S) boss Stuart Machin said the company would take a £60 million hit from a rise in taxes paid by employers.
He claimed that the retail chain would do “everything we can” to avoid passing on the extra costs to consumers, while adding that he could not rule out price rises, with an increase in the national minimum wage also adding to M&S costs.
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In the first of two articles, ROBERT GRIFFITHS argues that despite a parliamentary majority, Labour’s timid Budget fails to seize a historic opportunity and lacks the ambition needed to address Britain’s deep social and economic crises