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Retailer Next has warned that its UK growth rate will slow this year as the impact of tax rises introduced in the Budget begins to impact the overall economy.
The high street leader expects annual pre-tax profit to rise by £5 million to just over £1 billion for the year to January after strong full-price sales over the festive period.
But it also said that “tax increases on employers, and their potential impact on prices and employment” would begin to trickle down to its UK sales growth, referring to changes made by Chancellor Rachel Reeves on National Insurance contributions.
It expects full-price sales in the UK to grow by 1.4 per cent in the next financial year, down from 2.5 per cent in the 12 months to 28 December.
However, Retailer It still expects earnings to grow by 3.6 percent for the year to January 2026.
This is a developing story
