April price hikes: What retailers could be raising their prices and why?

Some high street retailers like Greggs and Tesco have warned of price hikes in April, in response to the Chancellor’s Autumn Budget.

Transcript

00:00Some high street retailers like Gregg's and Tesco have warned of price hikes in April

00:06in response to the Chancellor's autumn budget. Back in October, Chancellor Rachel Reeves

00:11announced an increase in the national minimum wage and a higher employer national insurance

00:17rate but as a result the measures have prompted warnings from businesses about the impact

00:22on operating costs and as a result the impact on consumer prices. Since the budget, 80 retailers

00:28have signed an open letter to the Chancellor warning that the measures would make price

00:33hikes a certainty for many businesses and could even lead to job losses. CEO of Gregg's

00:39Roisin Currie said that while two thirds of the popular bakeries employees have received

00:44a salary boost, that this necessitates a price on some products. This includes the sausage

00:49roll which have risen in price by 5p in some parts of the country. Even the UK nightclub

00:55industry has warned that the planned tax hikes could push more venues to the brink

01:00of closure. What do you think about the impacts of the budget and potential price hikes?