British Retailer Shares Decline Over Growing Fears About Economy
- Tesco and M&S among those hit amid broader UK asset selloff
- Concerns mounting about impact of Reeves’ budget on economy
Tesco Plc and Marks & Spencer Group Plc were hit by a selloff in UK retailer stocks, as mounting concerns about Britain’s economy and the impact of Labour’s tax-raising budget outweighed solid holiday season sales.
Shares of Tesco, the largest supermarket group, fell as much as 4% and M&S as much as 8.4% in London, after both highlighted the UK’s economic challenges and the increase in costs they face due to higher payroll taxes. Sausage roll-seller Greggs Plc also slumped after it warned about weak consumer confidence.