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Wolfson: 'It's a recession, not Armageddon'

Simon Wolfson, the chief executive of high street retailer Next, has called for a realistic asessment of the current climate and 'susatinable and long-term' tax cuts ahead of next week's pre-budget report.

Wolfson told The Daily Telegraph that he would welcome tax cuts provided they were not short term. He said: "I hope that the cuts are responsible.The tax cuts must be balanced with savings, rather than unfunded."

He added that while things were difficult on the high street, it must be understood that the current climate is "recession, not Armageddon."

Wolfson conceded that retail trade had dropped off over the last few weeks but said this could be because Christmas falls late in the week this year, on a Thursday.

"The timing of Christmas is important. We were expecting sales to come late this year. That might be because it's not going to happen but last time Christmas fell on a Thursday sales came late," he said.

Wolfson said he would stick to Next's no-Sale policy, despite the raft of promotional activity on the rest of the high street.

Readers' comments (1)

  • Regarding Mr Wolfson's comments : Thank God there is a voice of reason in the midst of all this hysteria. We are all having a difficult time and, as an indepedent, it is so disappointing to see the knee-jerk reaction of the big hitters (Debenhams and the like) going to sale early. I am determined to hold off sale until after Christmas and prevent the assumption that there is no point in buying at full price for Christmas as it is going go to sale anyway. On the High Street every second person has a bulging Primark bag and I don't see them going to sale.

    If we are going to survive at all we must be confident that our clothes are worth the full price we are charging - or else we may as well all sell T-shirts at £2!

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