JD Sports and Fullers warn Budget will push up prices

Published On Nov 13, 2024, 6:15 AM

Business leaders are warning that recent tax increases announced in the Budget will lead to higher prices for consumers. Starting in April, the rise in National Insurance contributions combined with other tax hikes will significantly impact businesses like pubs and retail, leading to inflation in prices for everyday goods and services. JD Sports and Fullers are among those expressing concern that the increase in costs, estimated at an additional £3.5 billion for the hospitality sector, will force them to pass these costs onto consumers, particularly affecting food and drink prices. There is also a fear that these measures will restrict future investments and economic growth.