Tax rises could push food prices higher, warn supermarkets [Yahoo! Finance]
TESCO PLC S/ADR (TSCDY)
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Source: Yahoo! Finance
Grocers including Tesco, Asda, Sainsbury's and Morrisons signed a letter to Chancellor Rachel Reeves ahead of her Budget next month, along with Lidl, Aldi, Iceland, Waitrose and M&S. They claimed households would "inevitably feel the impact" of any potential tax increases on the industry, such as higher business rates for supermarkets. The Treasury said tackling food price inflation was a "priority" and said it was lowering business rates for "butchers, bakers and other shops". In their letter to the Chancellor, supermarket bosses said if the industry was to face higher taxes, "our ability to deliver value for our customers will become even more challenging and it will be households who inevitably feel the impact". "Given the costs currently falling on the industry, including from the last Budget, high food inflation is likely to persist into 2026," they warned. "This is not something that we would want to see prolonged by any measure in the Budget." Ahead of the chancell
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