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The boss of Greggs has vowed to keep a lid on prices hikes in the wake of Labour’s recent Budget and said the chain’s rapid expansion won’t be derailed.
Roisin Currie told Reuter any customer price rises would likely to only be “pennies” despite measures introduced by costing the group tens of millions of pounds.
“Our shop growth plan, our supply chain investment, none of that changes. We are still absolutely going for growth,” Currie told the news service.
It follows a raft of major retailers, including Sainsbury’s, Tesco and Marks & Spencer, warning that the additional taxes on employers and increase to the minimum wage would cost the sector up to £7bn.
Chancellor Rachel Reeves will address business leaders later today at the Confederation of British Industry (CBI) annual conference in Westminster.
“I have heard lots of responses to the government’s first budget but I have heard no alternatives,” she is expected to say. “We have asked businesses and the wealthiest to contribute more. I know those choices will have an impact. But I stand by those choices as the right choices for our country: investment to fix the NHS and rebuild Britain, while ensuring working people don’t face higher taxes in their payslips.”
CBI director-general Rain Newton-Smith will use her speech at the conference to say the recent budget will hit businesses rather than encourage growth.
“When you hit profits, you hit competitiveness, you hit investment, you hit growth,” she will add.
This week in the City
Meat processor Cranswick is due to put out interims tomorrow, alongside full-year results from catering giant Compass Group and first-half figures from vape maker Supreme.
Pets at Homes files half-year results on Wednesday and the latest BRC shop price index is also out first thing.
Thursday brings quarterly results from Remy Cointreau.
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