Ashley says budget felt like a 'kick in the face' for his Frasers Group

The chief executive of the high street retail giant Frasers said that "we felt we'd been kicked in the face" after Rachel Reeves' autumn budget.

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Frasers said it had witnessed weaker confidence among shoppers leading up to and since the budget, as the company reduced its profit forecasts for the year.

The Mike Ashley-founded firm, which owns the Sports Direct chain, revealed a slump in sales for the past half-year and lower profits.

The group said it was on track for adjusted pre-tax profit between £550m and £600m for the current year. It had previously predicted it would be between £575m and £625m.

Frasers also told shareholders that it expected to face an extra £50m in costs due to the October budget, which included increased national insurance contributions (NICs) for firms.

It reported that "consumer confidence has weakened and trading conditions have been tougher" in recent months as it laid out the slightly weaker outlook.