Retailers Warn of Job Losses

This is a Greggs news story, published by BBC UK, that relates primarily to Andrew Bailey news.

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retail sector

BBC UK

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Warning retail job cuts âinevitableâ after NI tax rise in Budget

Summary

Nutrition label

75% Informative

Tesco , Amazon , Greggs , Next and dozens of other chains are urging the Treasury to reconsider some of the measures.

They say the "cumulative burden" of the Budget changes and other policies will add billions in costs to a sector with a 3% to 5% profit margin.

Bank of England governor Andrew Bailey says it is "right" to say jobs could be affected.

The government has defended its tax rises as necessary to avoid public services cuts.

The BRC urges the government to reduce business rates, a property-related tax which the BRC says will cost retailers an additional Â140m a year after next April .

The Treasury said that thanks to exemptions for smaller businesses, " more than half of employers will either see a cut or no change in their national insurance bills" The consultancy predicted more firms in financial difficulty would need insolvency advice due to both NI change and higher interest rates.

VR Score

Informative language

Neutral language

Article tone

formal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful