Currys: major UK retailer warns of price rises on TVs, fridges, laptops, and more - and reduced jobs hiring

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The retailer is warning of rising wage costs as new budget measures take their toll 💼
  • Currys warns it will reduce hiring due to rising wage costs from April's Budget measures
  • Higher national insurance and minimum wage rates are expected to increase operating expenses
  • CEO Alex Baldock says no job cuts are planned, but hiring will be limited amid £32 million in extra costs
  • The retailer predicts inevitable price hikes and reduced investment as a result of the financial changes
  • Over 80 retailers have voiced concerns about the impact of the Budget measures on businesses

A major electrical retailer has warned that it will need to reduce hiring due to the financial impact of recent Budget measures.

The new measures, which come into effect from April 2025, are expected to significantly increase the wage costs of businesses and retailers on the British high street.

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First outlined in Chancellor Rachel Reeves' inaugural Autumn Budget last year, these changes include an increase in the national minimum wage and a higher employer national insurance rate.

While aimed at boosting wages for workers, the measures have prompted warnings from businesses about their impact on operating costs and, ultimately, consumer prices.

Currys CEO Alex Baldock speaks during a 'PM Connect' event at the Currys Repair Centre in 2023 (Photo: JOE GIDDENS/POOL/AFP via Getty Images)Currys CEO Alex Baldock speaks during a 'PM Connect' event at the Currys Repair Centre in 2023 (Photo: JOE GIDDENS/POOL/AFP via Getty Images)
Currys CEO Alex Baldock speaks during a 'PM Connect' event at the Currys Repair Centre in 2023 (Photo: JOE GIDDENS/POOL/AFP via Getty Images) | POOL/AFP via Getty Images
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Currys’ CEO Alex Baldock has said that the company does not plan to lay off any of its 28,000 employees, but will limit new hires as it faces an additional £32 million in wage expenses

Last month, the company warned that price hikes would be unavoidable due to rising costs, and said the measures would likely “depress investment and hiring”.

Baldock said on Tuesday (January 14): “What we’re looking at, at the minute, is a period of reduced hiring. What we want to be able to do is employ more people.”

He urged the Government to consider gradually implementing the increase in employers' national insurance contributions in order to ease the impact.

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In December, Currys said it predicted £21 million in extra costs linked to National Insurance and the minimum wage, a further £9 million in costs passed through from partner businesses and an extra £2 million in business rates costs.

The retailer is not alone in sounding the alarm, and last year, over 80 retailers signed an open letter to the Chancellor cautioning that the measures would make price hikes “a certainty” for many businesses.

What do you think about the government's new Budget measures and their impact on businesses like Currys? Will these changes hurt the high street, or are they a step in the right direction for workers? Share your thoughts in the comments.

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