Cause for alarm at Next as Wolfson's policy shift betrays his pessimism

With a move away from share buy-backs, retailer’s chief executive is saying he does not know how bad things will turn outLord Wolfson’s default setting is caution. So, as shopkeepers across the land await the coming squeeze on consumers’ incomes, it is not a surprise to hear the chief executive of Next drifting closer to outright gloom.The slowdown in spending on clothing and footwear, which he says started in November 2015, will continue this year. Next’s post-Christmas