Bloomberg News

Sainsbury CEO King Says U.K. Government Should Boost Confidence

March 04, 2012

The U.K. government should do more to rally consumer confidence, Justin King, chief executive officer of J Sainsbury Plc, (SBRY) the U.K.’s third-largest supermarket owner, said today on Sky News.

British shoppers “are not confident in the future,” King told Sky News’s Murnaghan program. “I don’t think we’ve seen the government inspiring confidence on the part of the average consumer on the street that things are going to get better.”

U.K. Chancellor of the Exchequer George Osborne has said he won’t borrow money to fund tax cuts or increase spending in his next budget, which is to be announced March 21. Sainsbury in January reported third-quarter sales growth that beat analyst estimates as the grocer sold more luxury food and budget ingredients to win a battle for Christmas customers.

“We have been doing well for a good period of time.” King said. “We’ve been keeping our nose ahead of the marketplace.”

To contact the reporter on this story: Simon Kennedy in London at skennedy4@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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