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Bank of England Governor Joins Big Retailers in Warning of Job Losses and Price Rises After Labour Horror Budget

by Will Jones
19 November 2024 8:00 PM

The Bank of England Governor today joined Britain’s biggest retailers including Tesco, Asda and Sainsbury’s warning that job cuts are “inevitable” after Rachel Reeves’s tax-hiking Budget. The Mail has the story.

Andrew Bailey said dozens of businesses – including Tesco, Asda and Sainsbury’s – had been “right” to sound the alarm in an open letter to the Chancellor.

Ms. Reeves unveiled an extraordinary £25 billion hike in employers’ National Insurance Contributions in the Budget last month. The rate has been raised and the threshold at which firms must pay has been cut, with Ministers adamant it was the only way to prop up public services.

But the OBR projected that the fiscal package would boost inflation and unemployment. 

In the letter today, the companies cautioned that the huge tax increase, together with packaging levies and increases to the national minimum wage could cost retailers more than £7 billion a year.

“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,” the letter said.

“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.”

The bosses of Aldi, Amazon U.K., Boots, Lidl, JD Sports, Primark, Morrisons and Greggs were also among those signing.

Giving evidence to the Treasury Select Committee this morning, Mr. Bailey said: “I saw the BRC’s (British Retail Consortium’s) letter and I think they’re right to say, I think there is a risk here that the reduction in employment could be more. Yes, I think that’s a risk.”

Worth reading in full.

Tags: Andrew BaileyBank of EnglandBudgetEmploymentJobLabourNational InsuranceRachel ReevesRetailTax Rises

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10 Comments
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myk
myk
5 months ago

Labour’s underlying philosophy is clear. Take money from those who don’t vote for you (private sector) and give it to those who do vote for you (public sector)

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Jabby Mcstiff
Jabby Mcstiff
5 months ago

You are living in a dreamworld of their making if this issue concerns you. It is cheap, easy, amenable to shallow discourse and emotion harvesting which is the admitted intention of social media companies. You need to slap yourself around the face with a big wet fish and hope for positive results.

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0
EppingBlogger
EppingBlogger
5 months ago

It would be fascinating to hear about their work from Lord Frost and other former diplomats. I would be interested to know what foreign politicians and diplomats say about us, what do they ask, do the French hate us and are we regarded with contempt around the world – if not why not!

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0
EppingBlogger
EppingBlogger
5 months ago

The Essex PCC’s position is untenable. Theft is illegal but the police are not interested. Similarly possession of class drugs. The key role of the PCC is to set police priorities in his area.

So – he should now resign.

The attitude of the elites towards classes of people they don’t like is not just one of dismissal but active oppression. One might almost think they consider us untermenschen.

Note also the police have willingly and some say enthusiastically backed the Labour Government and the elite class.

Last edited 5 months ago by EppingBlogger
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