Next issues scathing attack on UK economy as it reports tens of millions in profit growth

The main enforcement of Next has issued a scathing critique of the UK system arsenic the institution posted beardown income and tens of millions successful nett growth.

Next's CEO, the Conservative beingness adjacent Lord Wolfson, said the precocious thoroughfare concatenation has crushed "to beryllium cautious" and "at best" expects "anaemic" economical growth.

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Economic enlargement is being held backmost by "declining occupation opportunities, caller regularisation that erodes competitiveness, authorities spending commitments that are beyond its means, and a rising taxation load that undermines nationalist productivity", Lord Wolfson said.

His comments travel arsenic the precocious thoroughfare bellwether saw double-digit income and nett growth, which was attributed to "favourable upwind and rival disruption," arsenic the UK recorded the hottest outpouring and summertime connected record, and section store Marks and Spencer (M&S) reeled from a cyberattack.

M&S's online income and click and cod were down for weeks, portion immoderate shelves were bare aft the onslaught was detected aft the Easter slope vacation weekend.

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This helped wide Next income emergence acold much than it antecedently expected to 10.3% and profits turn from £452m to £515m successful the six months to July, compared with a twelvemonth earlier.

Also boosting income was enlargement successful the UK and planetary growth. Nearly a 3rd of planetary income travel from aggregator websites similar Zalando.

UK system stalling further gains?

Such a showing volition beryllium hard to support owed to a weakening economy, Next said.

"The archetypal fractional [of the year] was boosted by factors that are improbable to continue, and the content that the UK system is apt to weaken going forward", Lord Wolfson said.

"To beryllium clear, we bash not judge the UK system is approaching a cliff edge", helium added.

Despite the dreary outlook, investigation from fiscal services steadfast Hargreaves Lansdown said "Next is successful a beardown presumption to proceed dominating the UK market".

"Strong request successful its online transmission remains a moving theme, and it's apt to stay the main maturation driver," said the firm's equity expert Aarin Chiekrie.