Primark owner’s boss warns Reeves not to give consumer sentiment ‘another great whack’ in budget

George Weston, CEO at ABF, also said food price inflation had peaked and would now start to ease

The chief executive of the Kingsmill owner Associated British Foods (ABF) has warned Rachel Reeves not to give consumer sentiment “another whack” in her upcoming budget, despite signalling that food price rises had peaked and will now start to ease.

George Weston, the chief executive of the ABF conglomerate which also owns the fashion chain Primark and produces sugar and cooking ingredients, said recent food price inflation had been driven by employers passing on increases to labour costs announced in Reeves’ first budget as chancellor last year.