The huge profits made on clothing retailer’s online and Next Directory catalogue credit service were found in small print of accounts

Next, one of Britain’s biggest high street retailers, banked almost £170m in interest charges last year from shoppers using its online and catalogue credit service.

The windfall highlights how the company has used the Next Directory service to become one of the biggest players in the clothing industry. However, it could also prompt accusations of double standards against its chief executive, Lord Wolfson, a Conservative peer who earlier this year called the living wage “irrelevant” and warned of a squeeze on household incomes since the financial crisis.

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Source: The Guardian Circular Economy RSS