Retailers are right to warn of job cuts after Reeves budget, says Andrew Bailey

The Bank of England governor, Andrew Bailey, has said retailers are right to warn of potential job cuts as a result of tax increases announced at last month’s budget. Bailey appeared before the cross-party Treasury select committee on Tuesday, after almost 80 retailers claimed rising costs would make “job losses inevitable, and higher prices a certainty”. Rachel Reeves’s first budget increased taxes by £40bn, which Labour said would be used to fund creaking public services. The biggest revenue-raiser was a £25bn rise in employer national insurance contributions (NICs), which has prompted a backlash from business groups. In a letter to

Read Full Article