Next to raise prices to help pay for rising wage costs

Next has said it will make an “unwelcome” rise to prices to help offset a £73m increase in staff wages and taxes.

The High Street retailer said that costs will rise due to measures announced in the autumn Budget, including higher National Insurance payments by employers as well as an increase in the National Living Wage.

Next expects prices to increase by 1%, which is below the current rate of inflation.

More than half of companies are planning to lift prices over the next three months to help with higher costs, the British Chambers of Commerce business group said this week.