Since sweeping spending cuts in Britain are politically impossible, broad tax rises are coming. In a strange turn, the left is leading the backlash. We explain why https://t.co/kT8WY8wVOb ...

UK consumers are feeling more anxious after Chancellor Rachel Reeves laid the groundwork for tax rises in the budget, according to the M&S CEO https://t.co/J0okj41kZe ...

UK Chancellor Rachel Reeves is heading into a difficult autumn budget as economists make a common prediction: tax rises are in store. Here's what to know. https://t.co/I8XIOplZ6T ...

Core Insights - The UK government is facing pressure to find £30 billion in tax rises and spending cuts in the upcoming Budget, with warnings that further tax increases on businesses could severely impact the jobs market and economic growth [2][3]. Group 1: Business Sentiment - 56% of employers indicated they would either cut jobs or freeze hiring if corporate taxes are raised again, highlighting a significant concern for the job market [2]. - Nearly half of the surveyed businesses have already reduced jobs or halted hiring due to previous tax increases, with the unemployment rate reaching a four-year high of 4.8% [3]. - Business confidence is described as fragile, with many firms citing high operating costs and uncertainty as major barriers to growth [5]. Group 2: Economic Impact - The ICAEW warns that further tax hikes could jeopardize the UK's growth mission, with corporate tax increases potentially leading to a "damaging cliff edge" for the economy [2]. - Almost half of the firms surveyed are considering raising prices in response to higher taxes, and two in five plan to cut investment [4]. - Inflation is currently at 3.8%, nearly double the Bank of England's target, which is exacerbated by a deteriorating labor market [5][6].

Core Viewpoint - Tesco's CEO Ken Murphy emphasizes the need for a "pro-growth and pro-jobs" Budget, urging the Chancellor to avoid further tax increases that could hinder supermarkets' ability to manage prices and support customers amid rising living costs [1][2][3]. Financial Impact - Tesco has faced a £235 million impact from increased National Insurance contributions and an additional £90 million from a new packaging levy [2]. - The company has raised its profit forecast for the year to between £2.9 billion and £3.1 billion, up from a previous estimate of £2.7 billion to £3 billion [5]. Market Position and Strategy - Tesco has successfully attracted more customers by implementing price cuts on 6,500 products, averaging a reduction of around 9%, and matching prices on over 600 items with Aldi [6]. - The grocery market share for Tesco has increased to 28.4%, with sales rising by 4.3% in the first half of the year, despite a 9.6% decline in profits to £950 million during the same period [7]. Competitive Environment - The retail environment is described as highly competitive, with Tesco responding to a price war initiated by rival Asda [6][3]. - Murphy warns that further tax increases and business rate reforms could exacerbate operational costs for large supermarkets, potentially impacting their ability to provide value to customers [4].

UK Chancellor Rachel Reeves is heading into a difficult autumn budget as economists make a common prediction: tax rises are in store. Here's what to know. https://t.co/0FLdF11RLW ...

Economic Outlook - Economists predict tax rises in the UK [1] Fiscal Policy - UK Chancellor Rachel Reeves faces a challenging autumn budget [1]

London is bearing the brunt of the UK’s jobs slowdown as a combination of tax rises, elevated wage costs and weak consumer spending force the city’s business to cut payrolls faster than in the rest of the country https://t.co/TwagEt9m85 ...

UK Chancellor Rachel Reeves is heading into a difficult autumn budget as economists make a common prediction: tax rises are in store. Here's what to know. https://t.co/ro8DwsxTc0 ...