In the wake of the chancellor’s statement, in which the main concern was how to put food and heating within everyone’s reach, it was hardly surprising that the stock market was sceptical about a clothing retailer’s prospects.
Clothes, even at the fashion end of the spectrum, are among the most postponable consumer goods when push comes to shove. And even as well-managed a business as Next can go only so far to buck the trend.
So £2 was snipped off its share price when the chief executive, Lord Wolfson of Aspley Guise, predicted his selling prices would rise by 8 per cent in the second half of the year.
• Next warns revival will stall as customers tighten belts
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