Tax burden: An M&S outlet in London. Consumers are likely to remain wary of spending as the government’s budget looms in late November. — Bloomberg
LONDON: British consumers are bracing for higher taxes from the upcoming budget and the finance minister’s recent warning of shared pain to come risks weighing on key Christmas demand, the boss of retailer Marks & Spencer (M&S) says.
In the speech on Tuesday, Finance Minister Rachel Reeves signalled that the Labour government could break a pre-election pledge not to raise one of the three major taxes and said “we will all have to contribute” at the Nov 26 budget.
