Retail giant Next has cautioned over slowing sales growth in 2025 and said it will need to hike prices due to the impact of recent Budget measures. The high street bellwether said it is facing a £67 million surge in its wage costs in the year to January 2026 after the Labour Government announced plans to increase employer national insurance contributions and the minimum wage from April.
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00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post and here are your headlines for today.
00:06The retail giant Next has warned over slowing sales growth in 2025 and said it will need to increase prices due to the impact of the budget.
00:17Next said it is facing a £67 million surge in its wage costs in the year to January 2026
00:25after the government announced plans to increase employer national insurance contributions and the minimum wage from April.
00:33Next said it will need to push through an unwelcome 1% rise in prices as part of efforts to help offset this impact.
00:41So an update this morning from Next which is warning over slowing sales growth in 2025 and it will also need to increase prices.
00:49My name's Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.