Tax hikes are making growth hard to come by, says retailer

OLIVER Bonas has cautioned that the UK economic outlook is “not easy” and that “growth (is) hard to come by” due to the tax increases implemented by Chancellor Rachel Reeves in her Autumn Budget last year.

- JON ROBINSON

The retailer also revealed a drop in its pretax profit for 2024, attributing this to rising costs, while expressing hope that the “government's growth ambitions start[ing] to bear fruit” as the year progresses.

These remarks are included in the most recent financial accounts for Oliver Bonas, which have just been submitted to Companies House. The accounts show a decrease in the company’s pretax profit from £8.6m to £7.8m in 2024, but an increase in revenue from £135.7m to £150.2m.