Tax increases in the autumn budget are likely to result in higher prices at Currys as the retailer warned of a £32 million hit from the new measures.
Alex Baldock, chief executive of Britain’s biggest electricals chain, said: “The scale and the speed at which these headwinds are hitting the retail sector do make some price rises inevitable.”
He said increasing the price of its products would be a last resort but warned of the “unintended consequences” of October’s budget on retailers and said the measures introduced by Rachel Reeves “will certainly depress hiring”.
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Strong sales in the UK helped Currys to reduce its losses in the first half of the year despite a weak