Asda, Primark, Sainsbury’s and M&S bosses issue urgent warning for shoppers as there’s ‘no magic money tree’

BOSSES of major retailers including Asda, Primark, Sainsbury’s and M&S have issued an urgent price rise warning.

Shoppers have been told to expect price increases after Chancellor Rachel Reeves announced a hike in employers’ National Insurance costs in last week’s Budget.

Retailers have said the tax raid will cost them millions of pounds and mean they have to look at cutting costs and rising prices.