The newest insights reveal that over a quarter of small and medium businesses in the UK are contemplating staff reductions due to changes in National Insurance and wage hikes.
With the National Living Wage poised to rise by 6.7% in April 2025, 18% of SME owners are more worried about mandatory wage growth than National Insurance contributions.
A survey indicated that 29% of SME owners find the National Insurance increases financially burdensome, leading many to reconsider salary increases for employees.
42% of SMEs are less inclined to boost their workforce in light of the Autumn Budget, indicating potential layoffs or reduced hiring plans.
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