The boss of Currys – who received a £2.2 million payout last year – has objected to the UK’s minimum wage going up to £11.44 an hour.
Alex Baldock has hit out at the government for providing a lifeline to the UK’s lowest-paid workers during a cost of living crisis, saying it shows a lack of care for big business.
The minimum wage is set to increase to £11.44 an hour from April 2024, a rise of 10 per cent that will force employers to pay full-time workers about £1,800 more per year.
Coupled with a surge in business rates, Baldock says the hike represents a lack of understanding from the government about what big businesses need to survive.
“We believe we are paying our colleagues well and we certainly intend to continue to,” Baldock told reporters on Thursday morning.
“That said, for the retail industry as a whole, having a big hike in the ‘national living wage’ at the same time as an expected half a billion pound increase in the rates bill just shows how little the government appears to understand or care about this industry.
“There are 3 million jobs at stake in UK retail, and loading more costs onto an already overburdened sector is irresponsible, and we call for a change of heart on it.”
Currys has reported falling sales as it said consumer spending has been under pressure and the business sharpened its focus on improving profits.
The group saw sales decline by 4 per cent on a like-for-like basis over the six months to October, compared with the same time last year.
Shoppers have remained squeezed by persistent inflation and rising interest rates, helping drive a decline in all its international markets.
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