By James Davey and Paul Sandle
LONDON (Reuters) -Britain’s big retailers, including Tesco (OTC:), Sainsbury (LON:)’s, M&S and Next (LON:), say they are stepping up their drive for efficiency through automation and other measures, to limit the impact of rising costs on the prices they charge their customers.
As the UK economy struggles to grow, the new Labour government’s solution is a hike in employer taxes to raise money for investment in infrastructure and public services, which has prompted criticism from the business community.
Retailers have said the increased social security payments, a rise in the national minimum wage, packaging levies and higher business rates – all coming in April – will cost the sector 7 billion pounds ($8.6 billion) a year.
Concerns of the wider economic impact sent retail share prices sharply lower this week and drove up government borrowing costs.
In the retail sector, larger players have more…
