Currys says price rises 'inevitable' after Budget [Yahoo! Finance]
ASSOCIATED BRI/F UNSP/ADR (ASBFY)
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Source: Yahoo! Finance
Currys boss Alex Baldock said the "unwelcome" tax changes announced by Chancellor Rachel Reeves will also put a dampener on investment and hiring plans. A rise in employer National Insurance contributions and the minimum wage going up have led several businesses to warn they will have to pass on costs to consumers. Currys said recent changes to tax and other government policy would increase its costs by £32m, and it had only planned for about half of that. Those costs break down as £12m from increased National Insurance contributions, £9m from the rise in the National Living Wage, £2m from business rates due to inflation, and £9m from its supply chain hiking costs due to wages and tax. "The unwelcome headwinds from UK government policy... [will] add cost quickly and materially, depress investment and hiring, boost automation and offshoring, and make some price rises inevitable," said Mr Baldock. The government has insisted that it has been taking tough choices to lay the gr
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