Tesco boss issues warning to Rachel Reeves over ‘what lies ahead’
Supermarket boss declares ‘enough is enough’ ahead of Autumn budget
- Tesco's chief executive, Ken Murphy, has urged the government to avoid imposing further financial burdens on the grocery sector in the upcoming autumn Budget.
- The supermarket highlighted that household budgets are under pressure, leading consumers to increasingly seek out value in their shopping.
- Tesco noted significant existing costs, including £235 million from employer National Insurance and £90 million from new packaging taxes; Mr Murphy added: “We’re doing our best to deal with them, but enough is enough.”
- Despite these pressures, Tesco has raised its annual profit forecast, now expecting underlying earnings between £2.9 billion and £3.1 billion.
- The retailer reported a 1.6 per cent rise in adjusted operating profit to £1.67 billion for the first half of 2025, driven by a 4.9 per cent increase in UK sales.