The chief executive of Next has issued a scathing critique of the UK economy as the company posted strong sales and tens of millions in profit growth.
Next’s CEO, the Conservative life peer Lord Wolfson, said the high street chain has reason “to be cautious” and “at best” expects “anaemic” economic growth.
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Economic expansion is being held back by “declining job opportunities, new regulation that erodes competitiveness, government spending commitments that are beyond its means, and a rising tax burden that undermines national productivity”, Lord Wolfson said.
His comments come as the high street bellwether saw double-digit sales and profit growth, which was attributed to “favourable weather and competitor disruption,” as the UK recorded the hottest spring and summer on record, and department store Marks and Spencer (M&S) reeled from a cyberattack.
M&S’s online sales and click and collect were down for weeks, while some shelves were empty after the attack was detected after the Easter bank holiday weekend.
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This helped overall Next sales rise far more than it previously expected to 10.3% and profits grow from £452m to £515m in the six months to July, compared with a year earlier.
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Why is the UK economy so volatile?
Also boosting sales was expansion in the UK and international growth. Nearly a third of international sales come from…
