Summary
The head of Tesco, a large UK supermarket, has cautioned the government not to increase costs for retailers in the upcoming Budget. This comes as Tesco expects higher yearly profits. Some retailers, including Tesco, have faced additional costs, such as increased taxes and wages.
Key Facts
- Tesco's leader urged the government not to raise costs for UK retailers in the upcoming Budget.
- The last Budget saw retailers face higher operating costs.
- Tesco has increased its expected profits for the year to between £2.9 billion and £3.1 billion.
- Some retailers have dealt with increased costs since April, such as higher National Insurance contributions and minimum wages.
- The UK Chancellor will announce the Budget on November 26th.
- Unite union criticized Tesco for gaining from the cost of living crisis and paying large dividends.
- Unite's general secretary stated that the government should address "profiteering" by big businesses.
- A recent Tesco meal deal price increased by 25 pence.
