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| Currys says price rises 'inevitable' after Budget | Currys says price rises 'inevitable' after Budget |
| (32 minutes later) | |
| Electrical goods retailer Currys has said that some price increases will be "inevitable" after tax rises announced in the latest Budget. | Electrical goods retailer Currys has said that some price increases will be "inevitable" after tax rises announced in the latest Budget. |
| Currys boss Alex Baldock said the "unwelcome" tax changes announced by Chancellor Rachel Reeves will also put a dampener on investment and hiring plans. | 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. | 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. | 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 firm said in its first-half results. | |
| "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 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 groundwork for future economic growth. | The government has insisted that it has been taking tough choices to lay the groundwork for future economic growth. |
| But businesses including Sainsbury's, Marks & Spencer and BT have all hinted at price rises due to the changes, while pub chain Wetherspoons has said "all hospitality business" will increase prices. | But businesses including Sainsbury's, Marks & Spencer and BT have all hinted at price rises due to the changes, while pub chain Wetherspoons has said "all hospitality business" will increase prices. |
| Primark's owner has also said it may invest more overseas due to the "weight of tax rises" in the UK. | Primark's owner has also said it may invest more overseas due to the "weight of tax rises" in the UK. |