Retail bosses are “holding their breath” ahead of the Budget, a top industry chief has warned, as gloomy forecasts from Rachel Reeves weigh on supermarket sales. 

The chief of Britain’s biggest retail group, the British Retail Consortium, said high street leaders were wary of investing because they faced “weak consumer confidence and the continued high burden of business rates”.  

Helen Dickinson said: “As a result, retailers are holding their breath ahead of the Budget as they work out their investment strategies for the coming year.”

She said “decisive action” was needed by the Chancellor to spur investment and economic growth. 

It comes amid nervousness over what fiscal decisions will be made in the Budget later this month.

Retail bosses have recently been pushing for more support from the Government, writing to the Chancellor last week urging her to cut their tax bills. 

However, so far, ministers have maintained that the Budget will be “painful”. Ms Reeves said tax rises will be needed to plug the £22bn black hole in the public finances she claims to have uncovered.

She has warned that “difficult decisions” will need to be made on taxes. 

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