The British government needs to do more to help those on lower incomes cope with the cost of living crisis and should cut VAT sales tax, the chairman of supermarket group Asda told the BBC on Wednesday.
Soaring food prices pushed British consumer price inflation to a new 40-year high last month of 9.1 per cent.
Stuart Rose, who is also the former boss of retailer Marks & Spencer and a veteran of the British retail sector, said the economic crisis was of similar proportions to the COVID-19 pandemic and the government needed to act.
“The fact that the government seems to be saying that nothing will happen until next year in terms of either taxation or in terms of further help, I worry about (that) a little bit because that’s a long time away,” he said.
“So I would urge them to do more and I would urge them to do more for those people at the bottom end of the earnings income scale and I would do something which is pretty effective, something like VAT reduction would be helpful.”