Reeves’ tax plans will lead to food price hikes; supermarkets warn that the cost of living will soar

Chancellor Rachel Reeves is researching ways to raise tax revenue. The aim is to raise tax revenue even if people’s lives are a little miserable. But supermarkets are warning that the Chancellor’s tax hike plans will help to create food price inflation in the country. Nine of the country’s major

grocers have written to the Chancellor, pointing out that rising cost pressures will result in rising grocery prices. This pressure has been increasing for about a year. It is expected to rise further, the supermarkets said in a letter to the Chancellor

. They pointed out in the letter that millions of ordinary people are also facing a cost of living crisis. The letter, prepared by the British Retail Consortium, was signed by executives from companies such as Asda, Tesco, Aldi, Iceland, Lidl, Marks & Spencer, Morrisons, Sainsbury’s and Waitrose.

Meanwhile, the Labour government’s second budget warns that no subject is safe. Meanwhile, Reeves is reportedly prepared to charge a 1 percent charge on properties worth up to £2 million.