Next boss warns UK heading for ‘two cost of living crises’ as pound slumps

Wolfson says currency crisis means inflation, which has soared from energy prices, may be worse next year

Next's chief executive has warned the UK could be heading for a second cost of living crisis next year as the slump in the value of the pound drives further price rises.

The fashion and homewares retailer on Thursday cut sales and profit expectations for the year after a disappointing August and on fears that inflationary pressures would squeeze shoppers' spare cash.