Lidl, Tesco, Asda and M&S warned that jobs will be cut and prices will have to rise as a result of the impact
Lidl, Tesco, Asda and M&S have issued a warning following the autumn Budget tax increases. Lidl GB chief executive Ryan McDonnell said the discount supermarket chain is expecting to face “tens of millions of pounds” in extra costs as a result of a raft of changes launched by Chancellor Rachel Reeves last month. Ms Reeves revealed a £25.
Mr McDonnell said: “There is a lot of impact that we will have to negotiate and I think the letter shows that the industry is reeling a lot. We are talking about £7 billion for the whole industry. For us it will be somewhere in the tens of millions.” He said that the jump in costs will result in “greater inflationary pressures” but stressed that it will “maintain market-leading pricing”.
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