Businesses fear retail price inflation due to tax increases

The chairman of JD Sports, Andrew Higginson, has raised concerns about the upcoming tax rises impacting Britain's businesses. He stated that unless measures are taken to gradually introduce the proposed £40 billion in tax increases, consumers may face significant inflation. The National Living Wage is set to rise by 6.7% to £12.21 per hour in April, impacting retailers who may need to increase prices to cope with rising employer National Insurance contributions. This cumulative effect of these financial pressures poses a challenge for investment and job retention in the sector, leading to fears of inflation despite higher wages.