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Big plans: Shadow Chancellor Rachel Reeves
The Currys boss has criticized Labour’s ambitious plans to shake up the jobs market and warned they could deter businesses from hiring staff.
Alex Baldock, who has led the electricity retailer since 2018, said businesses should not be subject to more red tape and government “diktats” from a political party.
Labor has proposed a series of reforms which include scrapping zero-hours contracts and controversial “firing and rehiring” practices.
Rachel Reeves, the shadow chancellor, defended this project, nicknamed “New Deal for Workers”, last week at the prestigious Mais conference.
Reeves said she was keen to give workers the security to change jobs and end exploitation.
But in a worrying move for many employers, Labor has also proposed removing the ability for businesses to subject their workers to trial periods.
These restrict certain rights for a fixed period of time until an employee receives a permanent contract. They also make it easier to fire staff who do not fit their role.
Under these plans, companies should provide full rights to their employees, including sick pay and parental leave, from day one.
Although he did not attack Labor by name, Baldock said the party’s proposed policies would make businesses more “hesitant” to hire new people. He said: “If you remove a very valuable trial period for every colleague, businesses will be more reluctant to hire.
“Many things are better resolved between individual businesses and individuals rather than by government dictate.
“And the government, whatever its beliefs, must ensure that in seeking to protect people it does not inadvertently make the process more difficult.”
Business pressure group the CBI, led by City veteran Rupert Soames, is pushing Labor to soften its workers’ rights commitments.
Soames said the UK should avoid a “European model” of labor rights and excessive regulation.
A Labor spokesperson said: “As a pro-worker, pro-business party, Labor will work in partnership to ensure our reforms are delivered, for the economy and for security. »
Currys employs around 15,000 people in the UK and has 300 stores. The company, formerly known as Dixons Carphone, traces its history back to 1884, when Henry Curry established a bicycle manufacturing business.
Baldock’s intervention follows his rejection of two takeover offers for Currys from US investment group Elliott Advisors.
In February, Elliott, who also owns the Waterstones book chain, offered to buy Currys for £700 million. A second offer of £742 million was also quickly rebuffed. Another potential bidder, Chinese retailer JD.com, withdrew from the race last week before submitting a firm offer.
Baldock told the Mail on Sunday that he had no plans to change the company’s strategy, despite difficulties faced by high inflation which has hit demand in all its markets over the past two years.
In July, it canceled its dividend and cut spending in its Scandinavian division. Baldock said the company was “flattered” that Elliott was interested and saw value in Currys.