Shoppers could face higher prices as a growing number of big British firms warn about the cost of the National Insurance (NI) tax rises on employers announced in last week's Budget. Sainsbury's and Marks & Spencer have hinted at price rises,

BT's boss, Allison Kirkby, said the group would go 'harder and faster' with cost-cutting efforts to help counter the soaring tax increase due next year.

The boss of British supermarket Sainsbury's said changes to national insurance made by the government in last week's budget will add 140 million pounds ($181 million) to its tax bill next year and warned the move would be inflationary.