Next is expecting its debt-laden shoppers to buy less clothing in the coming year, causing a drop in like-for-like sales and lower profits.

UK Daily View: Next warns on year ahead

Maggie Urry on the clothing retailer’s prediction of lower profits

However, Simon Wolfson, chief executive of the fashion and homewares chain, said there would be no slashing of prices to try to tempt more customers into the stores. “We will come out of this downturn at some point and at that point the brand has to be intact,” he said.