{"id":174012,"date":"2024-11-13T11:37:16","date_gmt":"2024-11-13T11:37:16","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/11\/13\/jd-sports-and-fullers-warn-budget-will-push-up-prices\/"},"modified":"2024-11-13T11:37:16","modified_gmt":"2024-11-13T11:37:16","slug":"jd-sports-and-fullers-warn-budget-will-push-up-prices","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/11\/13\/jd-sports-and-fullers-warn-budget-will-push-up-prices\/","title":{"rendered":"JD Sports and Fullers warn Budget will push up prices"},"content":{"rendered":"
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Prices in shops and pubs will rise as a result of tax rises on businesses announced in the Budget, two bosses have warned.<\/p>\n

Andy Higginson, chair of JD Sports and the British Retail Consortium, which represents supermarkets, said tax increases from April, including a rise in National Insurance, would lead to a jump in costs for shoppers.<\/p>\n

Higher drinks prices could show in as little as six months, added Simon Emeny, the boss of Fullers, which owns about 400 pubs and hotels. <\/p>\n

There has been a growing backlash from firms to the higher costs for them from the Budget, but chancellor Rachel Reeves has said “businesses will have to absorb some of this through profits.<\/p>\n<\/div>\n

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From next April, employers will have to pay NI at 15% on salaries above \u00a35,000, instead of 13.8% on salaries above \u00a39,100 currently.<\/p>\n

Minimum wages are also set<\/a> to rise from April.<\/p>\n

On Wednesday, Mr Higginson warned: “I’m guaranteeing you today, if these go through as they are without any sort of feathering, we\u2019re going to see significant inflation in prices.”<\/p>\n

He called on the government to “phase” in the increases in National Insurance and minimum wages for businesses “over the next two to three years” rather than in April next year.<\/p>\n

“We just need to make sure that the immediate impact of all these things doesn\u2019t come in one big lump and that the economy has time to absorb these changes in a way that doesn\u2019t fuel inflation,” Mr Higginson told the BBC’s Today programme.<\/p>\n

The chancellor’s budget included \u00a340bn in total worth of tax rises. <\/p>\n

More than half of these will be paid for by employers, with the National Insurance increase set to generate \u00a325bn a year.<\/p>\n

But there are concerns, the impact will still be felt by working people if firms decide to pass on costs through higher prices and if wage increases are restricted.<\/p>\n

“It doesn\u2019t feel like a Budget for working people. It doesn\u2019t feel like a Budget for growth. I think it will restrict investment,” said Fullers boss Mr Emeny.<\/p>\n

The pub chain boss added that businesses still had not recovered profits fully post-Covid, and that the Budget measures announced cost an “extra \u00a33.5bn” for the hospitality sector.<\/p>\n

“There\u2019s no way a sector like ours can carry this level of cost and just absorb it as profit,” he added.<\/p>\n

The average price of a pint of draught lager in the UK was \u00a34.47 in September, according to the Office for National Statistics, but the British Beer and Pub Association recently revealed that landlords make 12p profit per pint.<\/p>\n

One London pub boss has said he will likely raise the price of a pint as much as 40p as a result of the Budget.<\/a><\/p>\n

Mr Higginson said the Budget created a “worrying” backdrop for businesses at a time when economic growth is desperately needed.<\/p>\n

“[Labour] came to business pre the election with a promise of economic literacy and being pro-growth, and they do need growth \u2013 if you\u2019re going to invest in public services\u2026 you do need to get that growth, and it\u2019s hard to see that the actions so far really match that pro-business rhetoric,” he said.<\/p>\n<\/div>\n


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Prices in shops and pubs will rise as a result of tax rises on businesses announced in the Budget, two bosses have warned. Andy Higginson, chair of JD Sports and the British Retail Consortium, which represents supermarkets, said tax increases from April, including a rise in National Insurance, would lead to a jump in costs […]<\/p>\n","protected":false},"author":2,"featured_media":174013,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/ichef.bbci.co.uk\/news\/1024\/branded_news\/de89\/live\/ebda4fc0-a1aa-11ef-8ab9-9192db313061.jpg","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[5002,135908,2364,4759,1023,123],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/174012"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=174012"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/174012\/revisions"}],"predecessor-version":[{"id":174014,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/174012\/revisions\/174014"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/174013"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=174012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=174012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=174012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}