Lord Wolfson, chief executive of Next, has urged Chancellor John Healey to cut spending in next month's Budget, stating that "you can't spend your way out of a funding crisis." He advised the government to control spending, avoid further tax hikes, and reduce planning red tape to stimulate economic growth.
Speaking on Thursday, Lord Wolfson said that the long-term economic trajectory would only change if the government manages its spending and boosts supply-side measures. He noted that the UK government is projected to spend over £100bn more than its income this year, with limited capacity to increase borrowing.
Wolfson also commented on high street evolution, suggesting the government should allow markets to develop rather than attempting to dictate their composition. He highlighted that Next's in-store sales decreased by 0.4 per cent in the six months to July, while online sales rose by eight per cent.