Richard Walker, Executive Chairman of Iceland Foods, has called on businesses to focus on solutions rather than complaints following recent budget announcements.
Walker criticised fellow retailers for prematurely announcing job cuts and price increases, asserting that these actions are not yet necessary. He noted, “I’ve noticed a flurry of announcements on job cuts, but actually nothing has happened and won’t for a while yet.”
Emphasising a proactive stance, Walker highlighted Iceland’s initiative of an interest-free loan scheme through its Food Club. This programme allows customers to borrow up to £100 for food, repayable at £10 per week. He described the scheme as a “triple win,” beneficial for businesses, customers, and local government issues.
Walker’s remarks come amidst widespread criticism faced by Chancellor Rachel Reeves. His comments signal a rare business support for the government, especially as over 70 major UK retailers have expressed concerns about the impact of increasing employers’ National Insurance contributions alongside other fiscal measures.
In a letter addressed to the Chancellor, retailers warned that the combined effects of higher National Insurance, increased national minimum wage, and new packaging levies could escalate costs by £7bn a year, leading to potential job losses and price increases.
Walker urges for forward-thinking investments, particularly in areas like skills training and industrial strategy, which he believes are more crucial for the future.
Despite the backlash from other businesses, Walker’s approach suggests a need for constructive dialogue and innovation in navigating economic challenges.
Richard Walker’s stance represents a call for resilience and adaptability in the face of economic changes, advocating for actionable solutions over despondency.
