Open letter | 80+ retailers warn Chancellor of job losses from Budget plans

More than 80 of Britain’s largest retailers have issued a stark warning to Chancellor Rachel Reeves, arguing that the measures outlined in last month’s budget will result in higher prices, job losses, and reduced investment. 

In an open letter coordinated by the British Retail Consortium (BRC) and signed by over 80 retail leaders - including bosses from Tesco, Marks & Spencer, Sainsbury’s, Next, Asda, Amazon UK, Greggs, and Boots - they urged the government to reconsider its approach and invited Reeves to meet with them to discuss their concerns.

The letter highlights that the UK’s retail sector, which employs three million people directly and supports a further 2.7 million jobs in its supply chain, faces an estimated £7 billion in additional annual costs by 2025 due to a combination of budget measures and incoming regulatory changes.

Impact of new budget measures

Key contributors to the increased costs include: