Currys says price rise will be ‘inevitable’ after Budget

Electrical goods retailer Currys has said some price rises will be “inevitable” after tax rises were announced in the latest Budget.

Currys boss Alex Baldock said “undesirable” tax changes announced by Chancellor Rachel Reeves would also hit investment and recruitment plans.

Increases in employer National Insurance contributions and rising minimum wages have led many businesses to warn that they will have to pass the cost on to consumers.

Currys said that recent changes in tax and other government policy would increase its cost by £32 million, and he had only planned for about half of that.

These costs were £12 million from increased National Insurance contributions, £9 million from an increase in the National Living Wage, £2 million from business rates due to inflation, and £9 million from its supply chain hiking costs due to wages and tax. The firms are divided as stated in the results of its first part.

Mr Baldock said, “The headwinds coming from UK government policy … will rapidly and materially increase costs, reduce investment and hiring, promote automation and offshoring and make some price increases inevitable.” Will give.”

The government has stressed that it is taking tough choices to lay the foundation for future economic growth.

but including businesses Sainsbury’s, Marks & Spencer and BT All have indicated prices will rise due to the changes, while pub chain Wetherspoon has said “all hospitality businesses” will increase prices.

The owner of Primark has also said that this could happen Invest more abroad due to “weight of tax rise” in UK,