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"The UK's largest supermarket highlighted that household budgets remain under pressure, driving consumers to increasingly seek out value. Tesco noted that a higher rate of employer National Insurance has added approximately 235 million to its annual costs, while new packaging taxes contributed around 90 million. Despite these pressures, the retailer confirmed on Thursday that its annual profits are now expected to be higher than previous estimates."
Independent covers reproductive rights, climate change and Big Tech and maintains on-the-ground reporting across political spectrums. Donations fund journalists, documentaries such as 'The A Word', and free access to reporting without paywalls, with costs supported by those who can afford it. Tesco's chief executive urged the government to avoid imposing further burdens on the grocery sector ahead of the autumn Budget, citing squeezed household budgets and a shift toward value-seeking consumers. Tesco forecast annual profits could exceed £3 billion, said higher employer National Insurance added about £235 million to costs and packaging taxes contributed around £90 million. Ken Murphy called for a pro-growth, pro-jobs Budget to ease cost-of-living pressures.
Read at www.independent.co.uk
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