By bizn_fun 
In its results, the retailer said, external: “The medium to long-term outlook for the UK economy does not look favourable.
“To be clear, we do not believe the UK economy is approaching a cliff edge.
“At best we expect anaemic growth, with progress constrained by four factors: declining job opportunities, new regulation that erodes competitiveness, government spending commitments that are beyond its means, and a rising tax burden that undermines national productivity.”
It outlined a surge in half-year profits boosted by the summer weather and disruption at rival Marks & Spencer, which was caused by a major cyber attack.
However, Next expects sales growth to slow sharply due the economy outlook and dampened consumer spending.
“We first raised concerns about a potential weakening in UK employment in our report two years ago”, the company said.
“Since then, vacancies have continued to fall, and PAYE payroll numbers are now moving backwards.
“The problem appears to be that employment, particularly at the entry level, faces the triple pressure of rising costs, increasing regulation, and displacement through mechanisation and AI.”
The warning from the retalier comes ahead of the government outlining its tax and spending plans in the Budget in November.
Next said job vacancies within the chain were down 35% – with steeper falls within stores.
But it said the business was “in a good place, with multiple opportunities for growth, both in the UK and overseas”.