TESCO’S boss has urged Chancellor Rachel Reeves not to add extra costs to retailers in the Budget, saying “enough is enough”.
Ken Murphy called for a “pro-growth, pro-jobs” Budget that does not “make it harder” for the grocery sector to keep prices low for customers.
ReutersTesco boss Ken Murphy has called on Rachel Reeves to NOT add extra costs to retailers in the Budget[/caption]He said: “As a food retailer, we operate in a very competitive and very tough environment, and I think our one ask is, don’t make it harder for the industry to deliver great value for customers.
“In the last Budget, the industry incurred substantial additional operating costs. We’re doing our best to deal with them but enough is enough.”
Tesco said it faced £235million in extra costs from higher National Insurance payments and £90million from new packaging taxes.
But the supermarket still expects its full-year adjusted operating profits to be between £2.9billion and £3.1billion.
Tesco has cut the prices of some 6,500 products compared with last year, with an average reduction of around nine per cent.
Mr Murphy said shoppers were adding more items to their baskets as a result.
And he said Tesco was “betting on a good Christmas”, with customers likely to approach the festive season in an “affordable and manageable” way.
THAMES HOPE
THAMES WATER’S lenders have proposed a new rescue plan to prevent its collapse.
The London & Valley Water consortium plans to write off a third of its £20billion debt and inject £5.4billion to stabilise its finances.
Investors say the plan will rebuild the company without taxpayer support or government intervention.
Thames, the UK’s largest water company, has faced fierce criticism for sewage spills.
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