Increase in national insurance contributions and national living wage will add to costs, says BRC

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Large UK retailers including Tesco, Boots, Marks & Spencer and Next have written to Rachel Reeves to warn that a £7bn increase in annual costs after last month’s budget which will lead to job cuts and higher prices.

The letter, with 79 signatories sent by the industry body the British Retail Consortium (BRC), warned the chancellor of the financial impact of the impending increase in the national living wage and employer national insurance contributions (NICs).