Majority of British Shops Set to Hike Prices Amid Staff Layoffs

London: The high street in Britain is facing tough times ahead. Most shops are gearing up to raise their prices, and it’s not looking good for staff either. The cost of living crisis is hitting hard, and with Chancellor Rachel Reeves planning to increase National Insurance for employers, many retailers are feeling the pinch.

A recent survey by the British Retail Consortium revealed that a whopping 70% of retail bosses are feeling pessimistic about the next year. When asked how they’d tackle the upcoming National Insurance hikes, two-thirds said they’d have to raise prices. It’s a tough call, but many are also looking at cutting back on staff hours and even reducing headcounts.

Helen Dickinson, the Chief Executive at the BRC, pointed out that these changes could lead to tough decisions about investments and employment. Retailers have been trying to shield customers from rising costs, but with profits expected to drop, it seems consumers will have to shoulder some of the burden.

Just last week, Prime Minister Keir Starmer praised Reeves, saying she’d be around for a while. That’s probably not the kind of news high street bosses wanted to hear right now. It’s a challenging time for everyone involved, and the future looks a bit uncertain.