"It's about battening down the hatches. We're being very cautious with headcount and, ultimately, it could force up prices just to keep the doors open."
"We're looking at a 10% increase in labour costs per person. If you have 10 full-time staff, that mounts up significantly."
Britain's hospitality and retail sectors brace for a significant tax hike on National Insurance contributions and a rise in the minimum wage. Industry leaders are expressing concerns over potential job losses and rising prices. Many businesses implement cost-cutting measures, including cautious staffing levels to manage the increased financial strain. The NICs are set to rise from 13.8% to 15%, while the minimum wage will also see a substantial jump. These changes could push operating costs for employers significantly higher, especially given previous wage growth in these categories.
Read at Business Matters
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