Currys' chief executive, Alex Baldock, has requested that the government refrain from increasing taxes on retailers, warning it would harm investment and inflate prices. Baldock highlighted the negative impacts of rising national insurance contributions and wages on hiring practices. Despite improvements in consumer confidence, retailers are cautious about employment and operational expenses. Currys reported a significant increase in pre-tax profits and resumed dividend payments, attributing some success to growth in service sales and store performance, despite broader economic challenges affecting the sector.
Alex Baldock, the retailer's chief executive, stated, 'We urge government not to make a further contribution to the tax burden as that would further dampen investment and increase prices in an inflationary way.'
Baldock emphasized, 'Retailers were already under strain from national insurance rises and wage increases' and urged the government to carefully consider the implications of additional tax burdens on the retail sector.
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