Lord Morse, the former head of the National Audit Office, cautioned that the recent increase in employer's national insurance contributions announced by Chancellor Rachel Reeves could severely impact companies, particularly those in sectors with high payroll costs. He emphasized that not all businesses have the same capacity to absorb these costs, with some potentially feeling the strain more acutely, which could jeopardize their financial stability. Morse warned that the government’s tax policies might endanger the viability of certain businesses, especially in regions where high payroll industries dominate the local economy.
The Chancellor raising employer's national insurance contributions may be the "straw that breaks the camel's back" for many companies, warns Lord Morse.
Tax policies are detrimental as not all large businesses have "equally broad shoulders," highlighting the risk of disproportionate impacts across sectors.
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