Pret A Manger’s boss has warned of ‘intense strains’ on the hospitality industry due to higher costs.
Chief executive Pano Christou said Chancellor Rachel Reeves’ National Insurance tax raid has cost his business £15million alone.
And Helen Dickinson, boss of trade association the British Retail Consortium (BRC), said retailers are approaching the ‘golden quarter’ with ‘caution’.
She added: ‘With the later-than-expected Budget [on November 26] falling just days before Black Friday, many are uneasy about how consumer confidence and spending could be impacted by tax rise speculation in the run-up to Christmas.
‘The Government needs to shore up both consumer and business confidence.’ Pret saw total sales slip 4.2 per cent to £868.4million for the year to January 2.
Christou said: ‘2024 was another year of growth for Pret, where we took disciplined decisions to protect sales, despite intense strains on the hospitality industry.’
Pressure: Pret A Manger Chief exec Pano Christou (pictured) said Chancellor Rachel Reeves’ national insurance tax raid has cost the business £15m alone
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