Tesco CEO Urges No New Taxes Before Nov 26

Tesco chief executive Ken Murphy urged Chancellor Rachel Reeves not to burden the grocery sector with further tax or cost increases ahead of the 26 November Budget, saying “enough is enough.” Tesco upgraded its full-year adjusted operating profit guidance to £2.9bn–£3.1bn after H1 adjusted operating profit rose and UK sales grew about 4.9%. Murphy said the business has faced roughly £235m from higher employer National Insurance and about £90m from a new packaging levy, and warned planned business-rates reform could further raise costs for large retailers. Tesco said aggressive price cuts, Clubcard promotions and an Aldi price-match helped boost volumes and lift market share to about 28.4%. The Chancellor has signalled the Budget will be difficult for families and firms, and unions such as Unite have accused Tesco of profiting from the cost-of-living crisis and called for action on corporate profiteering.