Labour’s Budget will cost Sainsbury’s £140 million and lead to higher inflation – London Business News | Londonlovesbusiness.com

Sainsbury’s has said the Autumn Budget has led to the supermarket chain warning they will take a £140 million in costs.

The supermarket giant said that last week’s Budget will also lead to higher inflation due to the soaring tax rises.

Simon Roberts the supermarket chief said there is a already  too “much pressure in the pipe.”

Roberts warned the “unexpected barrage of costs “ will lead to “higher level of inflation.”

He said, “I urge the Government to look at bringing forward changes to business rates sooner to help the industry.”

Roberts said, “Our food business is going from strength to strength and we’re making the biggest market share gains in the industry, with continued strong volume growth.

“More and more customers are coming to us for their big food shop, recognising our winning combination of value, quality and service.

“As we head into the festive season, there is real energy and excitement at Sainsbury’s and Argos and we’re expecting another strong performance.”