Lord Wolfson says the clothing retailer will have to raise prices to offset the cost of original minimum wage of £7.20Next’s chief executive,Lord Wolfson, has said the “national living wage” will cost the company £27m a year until the end of the decade and risks creating a potentially harmful inflationary loop.
Wolfson, and a Conservative peer and friend of George Osborne,said Next will have to raise prices to offset the cost of implementing the national living wage, although the increase could be as petite as 1%.
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Source: theguardian.com