Unashamedly copied & pasted from Daily Global Data retail news round up today:CBI: Tax rises will stifle hiringTax increases in the recent Budget are making it challenging for businesses to hire new staff, according to the Confederation of British Industry (CBI). Rain Newton-Smith, the boss of the CBI, stated at the group’s conference that firms are "being hit by a tough trading environment that just got tougher" due to changes in National Insurance contributions and inheritance tax. A survey revealed that nearly two-thirds of 185 companies believe the Budget will harm UK investment. Rachel Reeves faced claims from CBI chairman Rupert Soames that she was treating firms as a “cash cow” and making it harder for businesses to invest in jobs.Retailers brace for price hikesThe British Retail Consortium (BRC) has warned that a rise in National Insurance contributions, a higher minimum wage, and a packaging levy will lead to price increases, potentially ending the trend of falling inflation. Helen Dickinson, chief executive of the BRC, stated: "With significant price pressures on the horizon, November's figures may signal the end of falling inflation." Retailers, including Tesco and Sainsbury's, have expressed concerns over shop closures and job losses due to Labour's Budget measures, which could impose an additional £7bn in costs next year. Meanwhile, disposable income has declined, leaving the average British household with £247 per week.
Mark Talbot ● 29d