Story perspectives

Retail CEO warns youth wage hike slashes jobs, doubles applications

5/27/2026

Summary

Wolfson Warns

Next chief executive Simon Wolfson warned that the government’s plan to raise the minimum wage for young people will cause a sharp drop in entry-level jobs and raise youth unemployment.
He said applications per shop job rose from about 10 in 2024 to 19, doubling the pool of candidates.
He told the BBC the surge demonstrates the severity of the current youth unemployment crisis.

Summary

Martin Disputes

Work Foundation disputed Wolfson’s claim that the reforms he criticises have taken effect.
Alice Martin, Head of Research at the Work Foundation, said blaming pending legislation is misplaced and noted one in five UK workers face insecure employment without income or protections.
Martin argued young people's situation strengthens case for improving job quality instead of weakening pay and warned reduced hours could hurt students seeking income and lower service standards.

Summary

Next Forecasts

Next raised its full-year profit forecast to £1.2 billion after a 6.2 % rise in first-quarter sales.
Wolfson’s remuneration could climb to £9.27 million this year following a salary and bonus increase.
Next is installing self-scanning lockers for returns, reducing reliance on checkout staff.
Wolfson urged easing planning rules, noting south-east agricultural land costs £15,000 per acre but can rise to £1.5 million with permission.

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Wolfson Warns

Next chief executive Simon Wolfson warned that the government’s plan to raise the minimum wage for young people will cause a sharp drop in entry-level jobs and raise youth unemployment.
He said applications per shop job rose from about 10 in 2024 to 19, doubling the pool of candidates.
He told the BBC the surge demonstrates the severity of the current youth unemployment crisis.

1 / 3