Sainsbury’s CEO tells Reuters U.K. shoppers still nervous about spending

Sainsbury’s CEO Simon Roberts told Reuters that people in the U.K. hit with a cost of living crisis will not start spending strongly again until the new Labour government establishes its tax and spending plans, and when interest rates fall even more. Robert said that despite falling inflation, higher wages, and good employment levels, British shoppers continue to be nervous about spending. “Discretionary markets continue to be difficult,” said Roberts. “Consumers inevitably are wanting to be clearer about what’s going to happen next and for that reason we see a continued caution in discretionary spending,” he added.