Beaverbrooks’ managing director, Anna Blackburn, has urged the government to avoid adding to businesses’ costs in next month’s budget, saying retailers need stability and support for consumer confidence. Her comments come as the jeweller reported flat sales and lower underlying operating profit, following rises in employer National Insurance contributions and the legal minimum wage.

Sales fell 0.1% to £217m in the year, while underlying operating profit dropped 9% to £7.8m. The family-owned group operates 56 Beaverbrooks stores, four Loupe boutiques and 22 outlets for watch brands, and says it is continuing to invest in shops, staff and its online operation. Other retail leaders have also warned that the budget comes at a difficult time, as the government faces pressure on its finances and household bills.