Currys warns hiring will slow amid £32m cost hike from Budget measures

Currys has warned it will limit hiring due to rising wage costs following April's Budget measures, which are expected to increase operating expenses by £32m.
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Currys has announced plans to scale back hiring in response to rising wage costs from the April Budget measures, which include increases in employers’ national insurance contributions and the national minimum wage. The electronics retailer estimates these changes will add £32m to its operating expenses.

Chief executive Alex Baldock stated that while the company does not plan to make any job cuts, hiring will be restricted. “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 said.

Baldock urged the Government to consider phasing in the higher national insurance rates to ease the financial strain on businesses. Currys also warned that the increased costs could lead to inevitable price hikes for customers and reduced investment in other areas of the business.

The announcement follows growing concern from the retail sector, with over 80 retailers voicing alarm over the impact of the Budget on operational sustainability. Many businesses have highlighted the pressure these changes will place on maintaining competitive pricing and supporting workforce expansion.

Ryan Fowler

Ryan Fowler is Publisher of Workplace Journal

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