Next CEO Voices Stark Warning On Labour Shortages And Inflation
Following the Chancellor of the Exchequer’s spring statement, Next CEO Simon Wolfson has warned of “chronic labour shortages.”
“We applaud the efforts the Chancellor has made to help out those most in need. But we are disappointed that the wider Government has done little or nothing within its powers to increase the underlying supply of goods, energy and skilled workers,” Next said. “It is important to recognise that Government interventions to ‘pay for’ inflationary increases does nothing to increase the underlying supply of goods and services.”
Speaking to the Standard, Wolfson called on the government to “reverse the self-defeating barriers it has placed on overseas workers supporting our economy.”
He also warned that, while Next can take some actions to mitigate against inflation, prices are still bound to rise, by 8% this autumn.
The spring statement has been met with widespread criticism and has led to predictions of the largest drop in living standards since the 1950s. Many businesses, large and small, have since expressed their concerns and urged the government to do more to protect them from spiralling costs.