Tesco boss issues warning to Rachel Reeves over ‘what lies ahead’
Tesco’s General Manager government, although the supermarket forecasting profits exceed £ 3 billion this year, the autumn budget before the grocery industry called to avoid applying more burden.
Britain’s biggest supermarket, household budgets are under pressure and consumers are looking for more and more values stressed.
Tesco said that the national insurance rate of a higher employer added approximately £ 235 million to its annual costs and that new packaging taxes contributed approximately 90 million £.
In spite of these pressures, the retailer confirmed that the annual profit on Thursday is expected to be higher than previous estimates.
Tesco’s General Manager Ken Murphy expressed his hope that the upcoming budget would not worse the financial difficulties on the markets struggling with increasing business expenses.
“What we want to see is a growth and pro -business budget to help customers with the cost of living.” He said.
“We know that people are worried about what exists in front of us, and we see it in consumer feelings.
“As a food retailer, we work in a very competitive and very difficult environment, and I think one of our questions is that the industry does not make it difficult for the industry to value greatly for customers.
“In the last budget, the industry achieved significant additional operating costs.
“We do our best to deal with them, but enough.”
Currently, a fundamental gain from the previous guidance range is between £ 2.9 billion and £ 3.1 billion throughout the year, which is between £ 2.7 billion to £ 3 billion.
Corrected business profit, in the first half of 2025, compared to the same period of the previous year, increased by 4.9 percent of the UK sales, increased by 1.6 percent to £ 1.67 billion.
Murphy said that shoppers respond well to the efforts to reduce prices in hundreds of products, which increases the volume of the products put in their baskets.
This was especially a situation for fresh food, which is largely a brand, and more consumers were “scratched cooking” at home.
Tesco across the UK reduced the prices of approximately 6,500 products compared to last year and decreased by an average of 9 percent.
A long hot air period, barbecue and picnic dishes and foamy wine, such as shopping more shopping.
Premium’s own brand line Tesco Finest’s sales, increased by about 16 percent annually with 300 new and improved products.
Mr. Murphy said Tesco is likely to “bet on a good Christmas” and that consumers were likely to approach the festival season in an “affordable and managed” way.
The boss said that the industry remained “incredibly competitive ve in the midst of a price war that heated between rival supermarkets and expects it to continue the second half of the year.
