Next blames clothes price rises on Budget wage costs
Business / Tue 7th Jan 2025 at 05:18pm
NEXT has announced that it will raise prices on some clothing to offset “an usually high” £73m increase in staff wages and taxes reports the BBC.
The High Street retailer said that costs will grow due to measures announced in the autumn Budget, including higher National Insurance payments by employers as well as an increase in the National Living Wage.
Next expects prices to increase by 1%, which is below the current rate of inflation.
Click below for more details.
https://www.bbc.co.uk/news/articles/cgkxlnlne0po
adam
2025-01-07 17:28:16
Slow clap for the people who voted labour, it will be a disaster by Q3 as jobs will be going
Berry
2025-01-07 19:51:36
I am no Labour supporter but I think you'll find it's those that voted Conservative and even more so Brexit that deserve your so called slow clap, Adam.
Bb
2025-01-07 19:54:17
Next made £744 million pounds profit in 2024… but yeh ok can’t pay a fair wage to its staff…
JB
2025-01-07 21:09:21
1% increase on a £60 coat is £60.60....... 60p really!! What's the real gripe Next? Don't want to pay a living wage to your workers? There are other places to shop.
Tommy
2025-01-08 00:55:34
'Tory Peer Lord Simon Wolfson and Next boss who was a prominent Brexit supporter, told the BBC that it was “not the Brexit that I wanted” given the immigration clampdown that has compounded worker shortages in Britain.' (Nov 22)
Colin
2025-01-08 08:44:07
Brexit has nothing to do with rising costs as quite a few items of clothing are imported from India or China. Vegetables and fruit come countries not in the EU for instance Morocco,Chile,South Africa,New Zealand etc,etc Brexit was to retain UK's sovereignty and not to be ruled by faceless autocrats
Stuart
2025-01-08 09:31:21
Maybe just make a little less money? The touted increase in costs is less than 1% of their total profit for 2024, but they must increase prices to pay their staff the living wage? Yay capitalism. We see you, Next.
adam
2025-01-08 09:51:40
Berry - Yet they state directly that it was labours increase in minimum wage, NI and taxes which have led to this point. JB - these are entry level jobs you are not meant to stay in them for life. For the make less profit crowd - companies exist to make a profit, it is their legal obligation.
David Forman
2025-01-08 11:00:44
Unite the union's research shows that big business has used the pandemic and Brexit for a nice bit of profiteering to raise prices: https://www.unitetheunion.org/news-events/news/2024/may/corporate-profiteering-unite-study-of-17-000-companies-shows-margins-jumped-30-since-the-pandemic
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