The emergency budget this week, outlining plans for an increase in business VAT to 20% from January 2011, prompted a response from Tesco chief Sir Terry Leahy, who warned that the rise will hit consumer spending. Waitrose however, appears to be unfazed as it gains share in the market place and continues on with expansion plans. Here we take a look at who said what this week.

“In India there are lots of great opportunities but a lot of it is about relying on the space becoming available, so we do want to open stores but it’s about making sure we get the right locations, and the right shopping malls” – a spokesperson for Marks and Spencer talks about the retailer’s growth plans for India

“An upturn in the economy is certainly helpful to Waitrose, however, I don’t think it is the primary reason for their success” – Neil Saunders, retail analyst with Verdict discusses Waitrose’s gains

“It will have an effect on consumption. I am optimistic because I think we are in recovery and so there is an underlying improvement in consumer psychology” – Tesco boss Sir Terry Leahy warns that the rise in VAT will hit consumer spending

“Science is agnostic. The reality is that over 300 billion meals have now been served with some kind of ingredient from GM products and nobody’s fallen ill, nobody’s become allergic” – Professor Maurice Moloney, director and chief executive of Rothamsted Research discusses the issue of GM

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“M&S would seem in a slightly advantaged position in light of the budget’s features, as most pensioners (an M&S mainstay demographic, as the company captures a 20% A&F share of consumers over 55 years) would likely not see dramatic falls in net income” – Bernstein analyst Luca Solca believes M&S is in an advantageous position following the emergency budget

“It wasn’t the easiest of challenges that I’ve had to take up in my career to lose 100% of the business and then have to replace it” – Hain Celestial executive chairman Peter McPhillips talks about the loss of the M&S sandwich contract

“We [GeneWatch UK] have never taken an absolutist position against GM but we have been very much on the critical side of the debate” – Helen Wallace, director of genetics campaign group GeneWatch UK talks about the GM debate

“Although these deals may provide diversification beyond the cereal aisle, which currently accounts for about 50% of the firm’s sales), Ralcorp’s integration record is not spotless” – Morningstar analyst Erin Swanson is cautious about how successfully Ralcorp could digest its new acquisitions

“There is a cost implication to functional foods that we’re mindful of, obviously because in heart disease there is a strong link to inequalities in health” – Victoria Taylor, senior dietician for Heart Health at The British Heart Foundation (BHF), remains cautious on the role of functional food and drink

“In terms of our underlying performance, we’re all roughly in the same place. That said, we’re stone-cold certain that we can do better” – An Asda spokesperson is optimistic despite data revealing the group’s market share has dropped