Next boss: downturn in UK economy won’t be long lasting
The boss of British fashion retailer Next said on Wednesday he did not think the downturn in the UK economy would be long lasting and anticipates a sharp recovery in 2024. Recent gauges of Britain’s economy, such as consumer confidence data, have suggested it could sidestep a prolonged recession which had been widely predicted last year. “We’ve never thought that the downturn would be long-lasting,” Next CEO Simon Wolfson told Reuters after the retailer reported full-year results. “The genesis of the problem is a post-pandemic supply side squeeze,” he said, ...
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