October Budget could be a ‘tipping point,’ Asda boss warns Burnham
Andy Burnham’s first Budget in October could be a “tipping point” for British businesses and the economy, the chair of supermarket giant Asda has warned. Allan Leighton, who is attempting to push through a turnaround of the grocer, said it is “too early to tell” whether the government is committed to halting the rise of [...]
Allan Leighton, the chair of supermarket giant Asda, has warned that the UK's first Budget under Andy Burnham in October could be a "tipping point" for businesses and the economy. Leighton, who is working to turn around the struggling grocer, stated that the government must not hinder growth due to high taxes and increased costs for businesses.
He expressed optimism about the potential impact of the Budget on consumer confidence and national growth. Leighton, who previously led Asda to a successful £6.7bn sale to Walmart, expects the turnaround of Asda to take between three and five years, drawing a comparison to his previous tenure where it took four years. The retailer returned to growth in the seven weeks to mid-August, with like-for-like sales excluding fuel rising by 0.2%.
Leighton emphasized that Asda's clothing, petrol, and convenience arms could provide additional growth opportunities.
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