#NEXT to Increase Prices Amid Tax Changes and Rising Costs
High Street fashion giant Next has announced a 1% price hike to offset rising costs from upcoming tax changes. The company cites higher employer National Insurance contributions and a minimum wage increase as key drivers, with the added expenses projected to cost £67 million. These changes, introduced by Chancellor Rachel Reeves, will take effect in April 2025.
The retailer warned that these adjustments could slow sales growth and contribute to broader inflationary pressures for consumers. Meanwhile, other major players, including Tesco, Asda, Sainsbury's, Greggs, and Wetherspoons, are also bracing for notable price increases.
This signals a challenging environment for both retailers and shoppers as they navigate rising costs and tightening margins.