THE boss of Primark yesterday blasted Chancellor Rachel Reeves’ Budget, saying it had added “tens of millions” to staff costs.

George Weston, chief executive of its owner Associated British Foods, told The Sun the company would be forced to respond by deploying more self-checkouts.

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He said: “This is a difficult budget for traders and those in the catering sector. We knew taxes were going to go up, but I think the burden and tax cuts are disproportionate.”

Her comments came after Reeves said she would raise £25.7 billion from the National Employers Department. Insurance contributions, a move that the budget watchdog says will likely lead to downsizing at companies, higher prices and lower contributions. future gains for staff.

He said: “We will redouble our efforts to reduce costs and protect profit margins and one way to do this is to use more self-checkouts. »

He added that Primark’s aim would be to “maintain prices” rather than lower them as quickly as it had hoped.

He said, however, that the budget fashion retailer could benefit from the minimum wage hike because lower earners would have more to spend.

He said: “If money is transferred to less well-off buyers, Primark tends to benefit disproportionately.” He described the Chancellor’s plans to increase business rates on those with the most expensive properties to benefit from discounts for smaller stores and pubs.

He said: “It is a curious step to increase the tax burden on the pillars of main streets and shopping centers which generate traffic to the cities.

Despite the tough choices, Primark remains one of the strongest names in retail.

Total sales rose 6 per cent to £9.4 billion in the year ended September 14, while operating profits jumped 53 per cent to £1.1 billion.

Sales in the United Kingdom increased by only 2 percent due to the disaster. summer.

The results confirmed Primark’s resistance to joining the online movement.

Instead, it deploys Click and Collect counters. He said digital controls benefited from conduct more buyers in its stores.

PAIN IN ASOS

LOSSES at Asos widened by almost a third to £379.3 million as the online retailer continues to battle a hangover from its excessive lockdown.

Asos cancels £100m worth of unwanted clothes.

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The company was left with a £1.1 billion mountain of inventory after being overly optimistic about continuing rapid growth once Covid restrictions end.

Its core of young shoppers don’t want last season’s fashion trends, meaning Asos has had to make deep discounts to reduce its stock to £520 million.

Boss José Antonio Ramos Calamonte said the struggling company was taking “the necessary medicine to put Asos on the right track”.

Annual sales fell 16 per cent to £2.9 billion.

Mr Calamonte also confirmed that Asos was launching a Topshop and plans to open standalone stores after selling a majority stake in the brand.

VODA AND THREE “TO BE ONE”

£18bn mobile merger between Vodafone and Three could finally move forward if they agree to lock in prices for three years and quickly deploy more 5G networks.

The competition watchdog cleared the way for the deal yesterday, 17 months after the merger was initially announced in June 2023. The merger comes after the government said the competition regulator should pay more attention to its impact on economic growth.

Kester Mann, telecoms analyst at CCS Insight, said: “Vodafone and Three can tentatively order champagne. » Stuart McIntosh, from the Competition and Markets Authority, said: “We believe this agreement has the potential to be pro-competition if our concerns are addressed. »

In September, the CMA warned it feared consumers would be harmed by higher prices resulting from the deal, which reduces the number of mobile players from four to three.