Marks & Spencer and Sainsbury's face £200 million tax hike, likely raising food prices by April.

Marks & Spencer and Sainsbury's are likely to face a combined £200 million increase in their tax bills due to recent changes in employers' national insurance contributions announced by Chancellor Rachel Reeves. This additional financial burden is expected to lead to inevitable food price hikes by next April, impacting consumers, particularly low-income households. Both retailers are under pressure to disclose their price strategies in response to these changes.

November 04, 2024
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