Alex Baldock, chief executive of Currys, said the government's policies risked pushing up retail prices as it battles to bring down inflation. Photo: Andrew Fox < p>The policies of Jeremy Hunt are to blame for the decline of Britain's high streets, the head of Currys has said in a fresh call for the Chancellor to stop burdening “overburdened” retailers with additional costs.
Alex Baldock, chief executive, criticized Mr Hunt's “ill-considered” plans to increase business rates at the same time as raising the national minimum wage and developing new recycling legislation.
The latest move is expected to increase costs for retailers as they will no longer be able to charge for recycling. Curry’s is responsible for half of all electrical waste recycling in the UK.
In terms of business rates, the retail sector will face a £309 million increase in bills from April.
Mr Baldock said: “Retail is overstretched. It pays 10% business tax despite being 5% of the economy, and the burden of these new expenses will simply be counterproductive.
“This will contribute to inflation, reduce investment, reduce jobs and will not allow us to achieve our goals… Enough is enough.”
p>“The ship may have sailed on the minimum wage, but there is still time for Jeremy Hunt to change his mind about business rates and these misguided recycling proposals. We encourage him to do so.”
Mr Hunt will attend the World Economic Forum in Davos this week in an attempt to persuade business leaders to invest in the UK.
Mr Baldock's comments come amid growing frustration among retailers at the government's lack of support for the high street.
Last month Marks & Spencer chief executive Stuart Machin said politicians “do not understand or appreciate” how important retailers are to the economy.
Nish Kankiwala, chief executive of the John Lewis Partnership, meanwhile called on the government to prioritize business rates reform.
He said: “For retailers like the John Lewis Partnership, the tax burden needs to be fairer.”
It follows months in which high street stores have come under pressure to cut prices for shoppers at a time of cost. life crisis.
Mr Baldock said the government's decisions risked pushing prices higher again.
He added: “Inflationary pressures are easing, with pressure on everything from freight to the cost of raw materials from the suppliers themselves. .. Speaking of retail, the biggest inflationary pressures come from governments themselves.”
Mr Baldock spoke as Curry's released its holiday trading update, saying he now expected that adjusted earnings for the full year will exceed analysts' forecasts. and will range from 105 to 115 million pounds sterling. The previous consensus was £104m.
The update comes as Curry sells more of its services, such as giving customers credit for purchases and updating older technology. The company's shares rose 7.8%, making them one of the fastest growing in the FTSE 250 index.
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