Chancellor Alistair Darling is expected to make his report on Monday and Wolfson said although he would welcome tax cuts they should not simply be a short-term reaction to present economic circumstances.
“I hope that the cuts are responsible,” Wolfson told The Daily Telegraph. “The tax cuts must be balanced with savings rather than unfunded.”
Wolfson confirmed the anecdotal evidence of other retailers that trading has apparently slowed over the last few weeks but said it could be because of the late timing of Christmas this year.
He insisted that Next would not deviate from its strict policy of maintaining full prices until the post-Christmas Sale period. Wolfson reiterated his view that although trading conditions are extremely tough, it is “not Armageddon”.
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