Melanie Pizzey, CEO and Founder of the Global Payroll Association, stated, "It's simple Claus and effect - as the government applies downward pressure on businesses, festive traditions like Christmas parties are increasingly at risk. This year's economic constraints are forcing many companies to reconsider their budgets drastically, and the festive spirit is suffering as a result."
The Christmas party has forever been a vital fixture of the workplace, boosting morale and allowing employees to let their hair down after another year of hard work. However, this year, the impact of Labour's Autumn Budget is evident, with businesses feeling the strain and slashing budgets or outright cancelling events.
A survey reveals that 78% of UK businesses usually throw a Christmas party, but this year that number has plummeted to only 63%, reflecting a significant decline in holiday celebrations due to financial pressures from upcoming employer NIC and NLW changes.
The average cost of a Christmas party in the UK stands at around £90 per head, meaning a small-to-medium-sized business with 250 employees could face a bill of up to £22,500, a cost many businesses find difficult to justify in the current economic climate.
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