Sainsbury (J) PLC (SBRY)

Chancellor of the Exchequer John Healey will meet next week with executives at top UK retail, hospitality and leisure companies, Sky News reported on Thursday.

The meeting will be held Tuesday morning, 15 days before Healey's first major fiscal statement, in order to discuss the "UK's retail, hospitality and leisure sectors, small businesses and the high street", said one Sky News source familiar with the invitation.

Sky sources said executives from J Sainsbury PLC, Marks & Spencer Group PLC and Tesco PLC were among those who had been invited.

In his speech to the Labour Party conference last month, the chancellor pledged to ease both the cost of living and the cost of doing business in this month's budget.

Meanwhile, major retailers are concerned that Healey may choose to increase the business rates multiplier for their larger outlets amid complaints about the higher cost of employment.

Another possible topic of discussion is the issue of youth unemployment.

British retailers in September said they would seek to create 100,000 jobs for young people not ​in employment or education by the time of next ‌national election in 2029.

Also in the background is trade body UK Hospitality's warning that 300,000 hospitality jobs a year for young people are at risk unless the National Insurance burden is reduced at the budget.

Earlier this week, Healey held talks with bank bosses to discuss the economy amid concerns around a significant hike in industry taxes in the budget.

The Treasury declined to comment to Sky News.

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