Andy Higginson, chair of JD Sports, cautions that tax hikes from the upcoming Budget will lead to increased prices in retail and hospitality. The introduction of a higher National Insurance rate and rising minimum wages by April could result in significant inflation, according to Higginson and Simon Emeny of Fullers. Both leaders urge the government to phase in these changes to mitigate immediate economic impact. More than 120 business heads have voiced support for Labour’s economic policies ahead of the general election.