Employers have voiced their concerns after being saddled with higher costs through increased NI contributions and the rise of the National Living Wage, with one expert saying some announcements will make many small businesses 'think twice' about their resources.
Employers have voiced their concerns after being saddled with higher costs through increased NI contributions and the rise of the National Living Wage, with one expert saying some announcements will make many small businesses 'think twice' about their resources.Chancellor Rachel Reeves confirmed a £25 billion raid on employers’ national insurance contributions, with higher rates and a lower starting threshold.
The retail, hospitality and leisure industry will receive 40 per cent relief on business rates from 2025/26, the chancellor added.But Alasdair Hobbs, owner of Human Results based in Telford said:"The minimum wage hike and national insurance, for the young especially, is going to make smaller employers especially to think twice about their resources and I worry that it will impact on the number of training opportunities for graduates, and a rise in youth unemployment in particular.
Anthony Nicholls, who owns Anthony's of Wellington, said:"It's taking a lot of fun out of running your own business – large, medium and small – and I don't see any winners out of it to be honest with you.""I will have to look at lessening staff hours. I don't intend to lose any staff – other than natural wastage – but with the minimum wage going up 16 per cent for 18-20-year-olds – quite a few of my employees are in that bracket.
"It could be a winter of discontent for some I think. In January, February, March, after the boom of Christmas, I fear businesses will really struggle and it could put some out of business."Shane Parr from Stonehouse Brewery, in Oswestry, said:"In my opinion, the way to growth and higher tax receipts is through small businesses being allowed to thrive. That's unlikely to be achieved through higher costs, more regulation and more government involvement in markets.
Richard Chapple, Chief Growth Officer and Co-Founder of The Growth Foundation, said: “The anxieties we’ve all felt in the lead-up to this budget have been realised, but the worst is still to come.
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