Blick Rothenberg, a business advisory firm, warns that the UK Government's substantial planned spending increases will necessitate significant tax hikes. Although initiatives like the increase in the Defence budget and training funds may seem beneficial, many businesses might struggle to access these funds due to stringent conditions on the apprentice levy. Furthermore, the push for enhanced energy capacity is seen as positive but comes with warnings regarding potential cost overruns and missed project deadlines. Additionally, inconsistencies in Government measures related to economic growth and security call attention to rising unemployment concerns linked to increased National Insurance contributions.
Significant tax rises are inevitable in the coming months due to the size of the Government's planned spending increases.
While the increased Defence budget will be popular, many firms may not access additional training funding due to conditions associated with the apprentice levy.
The focus on increasing energy capacity is welcome, but risks of cost overruns and missed deadlines must be addressed to avoid past mistakes.
Despite discussions of economic growth and security, previous measures like increased employer NICs have paradoxically led to higher unemployment.
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