More than half of businesses are considering paying out after Labour’s £25billion National Insurance attack on employers, with one of Britain’s biggest retailers telling the Treasury that ‘punch in the face’.
A Bank of England poll of bank chiefs at 2,000 firms found that 54 percent of companies will raise wages, with the same proportion expecting fewer workers.
The figures also showed that 38 percent would pay lower prices, and 59 percent would absorb some of the penalties in the form of lower profits.
Mike Ashley’s Frasers Group is the latest company to oppose Chancellor Rachel Reeves’ £40billion tax cuts.
Michael Murray, Ashley’s son-in-law and chief executive of Frasers, said: ‘Not only will they add at least £50 million to our turnover next year, but they have lost consumer confidence , so the face is ready to be pierced.’
The retailer cut its full-year profit guidance by £25million to between £550million and £600million, sending its shares down 10.7 per cent, or 79p, to 662p.
A Bank of England poll of bank chiefs at 2,000 firms found that 54% of companies will increase wages, with the same proportion expecting fewer workers.
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