Next boss Wolfson tells Healey: ‘You can’t spend your way out of a crisis’
Lord Wolfson, Next’s chief executive, has urged Chancellor John Healey to cut spending at next month’s Budget, warning, “you can’t spend your way out of a funding crisis”. The retail boss has urged the government to clamp down on spending, avoid further tax hikes and slash planning red tape to boost economic growth. He told [...]
Next's CEO, Lord Wolfson, has advised Chancellor John Healey to reduce spending in the upcoming Budget, arguing that "you can't spend your way out of a funding crisis." The retail magnate urged the government to control its spending, avoid additional tax hikes, and reduce planning restrictions to stimulate economic growth. Wolfson emphasized that the only viable solutions to the economic predicament are controlling spending or boosting supply-side measures, neither of which requires additional funding.
He cautioned that the UK government is set to spend over £100 billion more than its income this year, leaving little room for borrowing or stimulating growth through spending. Wolfson also defended the natural evolution of the high street, rejecting government interventions to dictate the types of businesses that should exist on high streets.
He argued that the market should be allowed to determine the best mix of shops, restaurants, and pubs.
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