Next warns of second cost-of-living crisis in Britain

Growing number of retailers issue warning on profits

Retail stocks tumbled on the back of Thursday's results, with Next sliding as much as 10%.

The plunge in the value of the pound looks set to create a second cost-of-living crisis for people in Britain, clothing retailer Next has warned as it cut its sales and profit forecasts.

Shares in the company tumbled more than 7% after it said August trading had been below expectations and pressure on household budgets was set to intensify in the coming months.