The situation: UK retailers are likely to feel the impact of Labour’s first budget, which could eat into their bottom lines.

• George Weston, CEO of Primark parent Associated British Foods (ABF), told The Guardian he expects the increase in employers’ national insurance contributions will cause its costs to rise by “tens of millions” of pounds.
• “It’s quite clear to me that this is a budget where the weight of the tax rises are falling on business—within that, it’s fallen particularly on the high street,” he said.