UK retailers to raise prices over budget costs

About two-thirds of chief financial officers warned they will pass on costs from the increase to employer national insurance contributions – a payroll tax – to consumers. — Bloomberg

LONDON: Most retailers plan to raise prices to cover higher taxes in the British government’s first budget, a lobby group’s survey has found.

About two-thirds of chief financial officers warned they will pass on costs from the increase to employer national insurance contributions – a payroll tax – to consumers, the British Retail Consortium (BRC) said in research published yesterday.