Cyprus Mail
BritainBusinessInternational

Britain must do more to help poor during cost of living crisis, says Asda chairman

britain cost of living inflation 2

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.”

Related Posts

Metaverse starting to impact buying decisions

Kyriacos Nicolaou

Gartner revises 2022 mobile sales estimates to fall 7.1 per cent

Reuters News Service

Explainer: EU agrees rulebook for ‘Wild West’ crypto markets

Reuters News Service

Crypto exchange Coinbase looks to expand footprint in Europe

Reuters News Service

Boeing disappointed after China’s top three airlines buy 300 Airbus planes

Reuters News Service

Germany and Ireland tell UK: No justification for breaking Brexit deal