NI impact | Next to rely on self-service tills & 'natural turnover' to offset £67m wage bill increase, CEO reveals

Next’s CEO has revealed plans to offset an expected £67million increase in wage costs following national insurance tax increases, including self-service tills and a reduction in hiring.

Speaking to Retail Gazette, chief executive Simon Wolfson said the business will exploit numerous “small improvements and operating efficiencies” to offset the increased wage bill.

Several business leaders at firms including M&S, Sainsbury’s, and Wetherspoons have similarly noted that the rise in national insurance contributions announced in Autumn’s Budget will see costs rise by millions of pounds.

Allison Kirkby, CEO at BT, said that the rise in NI contributions could cost her business up to £75million.