Currys warns of £32m Budget tax hit as it says price rises 'inevitable'

Currys, the consumer electronics retailer, has joined the chorus of companies highlighting the detrimental financial impact of Labour's tax policies on its operations. In its half-yearly report covering up to 26 October 2024, the company today conveyed a forecasted hit of up to £32m due to recent tax policy adjustments.

The breakdown of this figure includes a £9m burden from hikes in the National Living Wage, an additional £12m for the group’s National Insurance contributions, £2m from inflation-triggered rises in business rate taxes, and potentially £9m due to increased charges from suppliers, as reported by City AM.

The management noted the intention to mitigate these cost pressures through various savings strategies such as "process improvement, automation, offshoring, outsourcing and ove