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.