Tesco CEO Warns Against Tax Burdens in Late Autumn Budget
Tesco chief executive Cillian Murphy has cautioned Chancellor Rachel Reeves against imposing additional tax burdens on Britain's retailers in the upcoming autumn budget. He joins other large retailers in expressing concern about the budget's timing and potential impact on consumer confidence and sales.
The government's budget is set for 26 November, unusually late in the retail calendar. This could dampen consumer confidence during the crucial Black Friday and Christmas shopping period. The British Retail Consortium has warned that late changes in the budget create uncertainty, making it harder for companies to plan investment in jobs and stores.
Tesco expects its employment bill to rise by £1 billion over the next four years due to previous budget changes. Murphy noted that households are worried about what lies ahead, with falling consumer sentiment driven by fears of higher taxes. He stated that the retail industry is struggling to absorb current pressures and urged for pro-growth, pro-jobs policies instead. Murphy called for large retailers to be excluded from the higher band of business rates under government reforms. Clive Black of Shore Capital criticized the government for treating business as a money tree, despite public sector waste and productivity collapse.
Retailers remain concerned about the potential higher costs during the critical sales period. The Treasury defended the budget's timing, citing new trade deals and reforms as pro-business measures. However, the retail industry hopes for policies that support growth and job creation instead of additional tax burdens.
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