Industry experts say the Next fashion chain is in a better position than many to weather the tough economic conditions facing the high street.
With the Bank of England pushing interest rates up to 1.75 per cent, inflation expected to peak at 13 per cent, and fears that energy prices will push the economy into a five-quarter recession, the amount of cash families have to spend on things like clothes is falling.
But market analysts believe the fashion giant – which has its UK headquarters just outside Leicester – will weather the storm after a trading update showed it has performed well over the summer thanks to the unusually warm and dry weather and people spending more on formal clothes now that lockdown restrictions had lifted.
