Leading advisory firm Blick Rothenberg asserts that the increase in annual inflation to 3.5% for the year ending April 2025 was inevitable due to policy changes by Chancellor Rachel Reeves in the Autumn 2024 Budget, which raised employer's National Insurance Contributions and the National Minimum Wage. This will lead to higher consumer prices and reduced employee pay increases, and could heighten unemployment. Although inflation may decrease later, the immediate effects on taxpayers will persist, significantly affecting charities and smaller businesses struggling under financial pressures.
The changes made by Chancellor Rachel Reeves in the 2024 Autumn Budget will lead to an increase in inflation, affecting workers and causing potential job losses.
Employers will pass on rising costs to consumers, pushing inflation up to 3.5% for the year to April 2025, impacting pricing across sectors.
While inflation may decrease in the coming months, the initial cost increases will continue to burden taxpayers, keeping prices high and limiting wage growth.
Smaller businesses and charities will face significant challenges due to rising costs and inflation, risking employment rates and operational viability.
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