John Lewis and Currys Announce Inflation-Beating Pay Raises for Staff

The pay increases, ranging from 6% to 7.4%, come ahead of the UK's minimum wage hike set for April 1.

John Lewis is investing £114 million to give 65,000 workers a 7.4% pay raise, increasing minimum hourly wages to £12.40 outside London and £13.85 in the capital.
Currys is allocating £8 million to raise pay for 15,000 retail staff by 6%, with new minimum hourly rates set at £12.51 outside London and £13.51 within London.
The increases exceed the upcoming UK national living wage hike to £12.21 per hour, which takes effect in April 2025.
Other major retailers, including Marks & Spencer, Sainsbury’s, and Lidl, have also announced above-inflation pay raises for their workers this year.
The Bank of England is closely monitoring these wage increases as it evaluates their potential impact on inflation and interest rate decisions.