Next to boost costs to assist pay for rising wage prices | EUROtoday

Next has stated it should make an “unwelcome” rise to costs to assist offset a £73m enhance in employees wages and taxes.

The High Street retailer stated that prices will rise on account of measures introduced within the autumn Budget, together with increased National Insurance funds by employers in addition to a rise within the National Living Wage.

Next expects costs to extend by 1%, which is under the present price of inflation.

More than half of corporations are planning to raise costs over the subsequent three months to assist with increased prices, the British Chambers of Commerce enterprise group stated this week.

Next stated enhance in costs will offset round £13m in wage and tax prices.

It additionally plans to make different financial savings by means of extra automation in its warehouses and decrease bonuses.