Prominent UK retailers, including Tesco and Amazon, are warning that job losses in the retail sector are ‘inevitable’ due to rising costs from tax increases outlined in the recent Budget. They argue that the cumulative financial burden will strain profitability and lead to shop closures. This assertion was supported by Bank of England Governor Andrew Bailey, who indicated that the new employer National Insurance tax could contribute to higher inflation and unemployment. The letter, signed by 81 businesses, calls for a reconsideration of these measures, which they say would add over £7 billion a year in costs.

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