GREEDY retail bosses threatened high street job cuts today in response to the government’s Budget measures.

Seventy top monopolies sent an open letter to Chancellor Rachel Reeves also warning of price rises because of the higher minimum wage and the boost in employers’ National Insurance contribution.

In a brazen attempt by big business to strongarm ministers, the British Retail Consortium’s letter claims companies cannot let these measures eat into their profit margins so prices must rise, jobs be axed and stores close.

But their claims were ridiculed by retail union GMB, which pointed out that many of the corporations involved are already subsidised by the taxpayer.

National officer Nadine Houghton said: “Multibillion-pound businesses pleading poverty because they’re being made to pay more to support public services is utterly pathetic.

“Most of these companies’ fortunes are already subsidised by the taxpayer — they pay very low wages which then have to be topped up by in work benefits.

“And some — for example Asda — have been systematically trousering fortunes made by underpaying women workers. 

“It’s only right that they should now contribute a bit more to rebuilding our country.”

The complaining companies backing the BRC letter include Tesco, Asda, Aldi, Boots, Greggs, Morrisons, JD Sports, Primark, Amazon and other household names. 

Most are extremely profitable.

Their protests were backed by Bank of England governor Andrew Bailey, who said: “I think there is a risk here that the reduction in employment could be more. I think that’s a risk.”

In the letter, the businesses say the budget measures will add more than £7 billion to their annual costs.

The letter warns: “We appreciate government’s focus on improving the fiscal situation and investing in public services; we also recognise the role businesses have in supporting this.

“But the sheer scale of new costs and the speed with which they occur create a cumulative burden that will make job losses inevitable, and higher prices a certainty.”