Tax hikes must strike balance between responsibility and sustainable growth
Lidl’s GB CEO, Ryan McDonnell joined other retailers in voicing his criticism of the tax increases revealed in last month’s Budget, saying that retailers are reeling from the tax increases.
His comments follow a letter sent by the British Retail Consortium (BRC) and signed by 81 retail CEOs earlier this week to Chancellor Rachel Reeves setting out the industry’s concerns over the Autumn Budget.
Speaking about the potential impact on Lidl, Ryan says the chain is expecting to face “tens of millions of pounds” in extra costs as a result of a raft of changes launched by Chancellor Rachel Reeves last month.
Commenting on the tax increases, International Corporate Tax Partner Mark Tan said the new measures needed to strike a balance.
“These tax hikes reflect the challenging balance between fiscal responsibility and economic growth,” Mr Tan said.
“While the need for increased tax revenue is undeniable, we must focus on how the government allocates this revenue to drive sustainable growth.
“Businesses will, as expected, pass costs on to consumers or employees, but the conversation cannot stop at rising prices or stagnant wages.”
Read Mark’s full comments in Talking Retail’s article below:
