Consumers Face \u00a31.6 Billion in Price Rises After Chancellor\u2019s \u2018Tax Horror Week\u2019 <\/p>\n
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Next week is \u2018tax horror week\u2019 as Reeves\u2019 budget measures, including the hike in NICs, change in business rates and increase in minimum wage, come into effect. Businesses have been bracing for the raid by slashing<\/a> jobs and shutting<\/a> up shop in recent months\u2026<\/p>\n New data from Retail Economics reveals that retailers across the UK face \u00a35.56 billion in extra costs thanks to Reeves\u2019 tax raid. Shops are expected to take a \u00a31.76 billion hit to profits, while around \u00a31.72 billion is likely to be passed on to consumers through higher prices and the rest covered by shops cutting costs. Leaving \u2018working people\u2019 to pick up the tab\u2026<\/p>\n Retail Economics\u2019 CEO Richard Lim, warns: \u201cRetailers are staring down the barrel of a \u00a35.6 billion wave of additional costs that will squeeze margins and threaten jobs across the industry. With operating costs rising sharply, many retailers have little choice but to absorb some of the financial pain while cautiously passing costs on to consumers already facing their own pressures.\u201d Not exactly reassuring for inflation concerns. \u2018Securonomics\u2019 latest\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"Consumers Face \u00a31.6 Billion in Price Rises After Chancellor\u2019s \u2018Tax Horror Week\u2019 mdi-fullscreen Next week is \u2018tax horror…\n","protected":false},"author":2,"featured_media":378,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[362,51,363,16,15],"class_list":{"0":"post-377","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-autumn-budget","9":"tag-business","10":"tag-retail","11":"tag-uk","12":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114260752713790901","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=377"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/377\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/378"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}