# Next warns against growth-‘stifling’ tax rises in Budget

By Russ Mould — 2026-09-17

Russ Mould, AJ Bell investment director, agrees that Next recognises how strapped for cash UK households currently are.

He said: “With a slight upgrade to future guidance accompanying the first-half numbers, investors felt able to reward Next with a healthy share price increase despite the stock being within touching distance of all-time highs.

“For the shares to be in this lofty position in an environment where consumer sentiment is so weak is remarkable. Next’s intervention to warn the government against further tax increases in its latest Budget suggests it recognises how strapped for cash many households are right now.

“Rather than surrendering to this tough backdrop, Next has done an excellent job of ensuring that the money people do have to spend on clothing and its other core categories is being spent with them, whether on its own branded items or on third-party products sold through its website.”

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