Hospitality bosses warn national insurance changes ‘unsustainable’
1 month, 4 weeks ago

Hospitality bosses warn national insurance changes ‘unsustainable’

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Hospitality bosses have told Rachel Reeves her changes to National Insurance are “regressive in their impact on lower earners”, it has been reported. Signatories to the letter organised by UK Hospitality, and seen by The Sunday Times, have said that “some jobs on minimum wage will become unviable” as a result of the new threshold announced at last week’s Budget. The letter reads: “The changes to the NICs threshold are not just unsustainable for our business, they are regressive in their impact on lower earners and will impact flexible working practices which many older workers and parents rely upon. “We’re just working through the details of that now… We’re looking at the impact.” Sainsbury’s have also warned of a £140 million hit, while Marks & Spencer said earlier in the week that it would mean £60 million in extra costs, which will be pushed higher by an increase in the national living wage.

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History of this topic

How long will the shadow of Reeves’ Budget hang over Britain’s gloomy economy?
2 weeks, 5 days ago

How long will the shadow of Reeves’ Budget hang over Britain’s gloomy economy?

The Independent  

Fun fact: the OECD still predicts that Britain’s economy will be one of the stars of the G7 during 2025 with growth of 1.7 per cent, lagging only behind the US at 2.4 per cent. Labour’s tax-raising budget, and particularly the decision to raise £24bn by hiking employer national insurance contributions looms large over UK plc. The Bank of England’s …

Difficult decisions for employers after national insurance hike, says minister
3 weeks, 1 day ago

Difficult decisions for employers after national insurance hike, says minister

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Employers face “difficult decisions” as …

New Budget blow to Rachel Reeves as disability charity says it may be forced to scrap key services
4 weeks ago

New Budget blow to Rachel Reeves as disability charity says it may be forced to scrap key services

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A leading disability charity has warned it may be forced to …

Labour tax U-turn? Rachel Reeves refuses to rule out more rises despite CBI pledge
1 month ago

Labour tax U-turn? Rachel Reeves refuses to rule out more rises despite CBI pledge

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Rachel Reeves refused to rule out more tax rises As MPs voted through the controversial …

MPs support national insurance hike for employers amid ‘jobs tax’ warning
1 month ago

MPs support national insurance hike for employers amid ‘jobs tax’ warning

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Government moves to increase employer …

Budget risks causing job cuts, says Bailey
1 month, 3 weeks ago

Budget risks causing job cuts, says Bailey

The Telegraph  

The Governor of the Bank of England has warned Rachel Reeves’s tax-raising Budget has put jobs at risk. Andrew Bailey said retailers were “right” to warn of potential job cuts as a result of the £40bn of tax rises in the Chancellor’s speech last month, referring to an industry-wide letter published today. Dozens of Britain’s biggest retailers have warned Ms …

Job losses and price hikes inevitable, warn UK’s biggest firms in stark message to Rachel Reeves over Budget
1 month, 3 weeks ago

Job losses and price hikes inevitable, warn UK’s biggest firms in stark message to Rachel Reeves over Budget

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Price hikes and job cuts are inevitable following Labour’s Budget, business …

Is the ‘Budget for working people’ about to bite supermarket shoppers?
1 month, 4 weeks ago

Is the ‘Budget for working people’ about to bite supermarket shoppers?

The Independent  

Is chancellor Rachel Reeves’s decision to hike employers’ national insurance contributions about to hit us all – and right in the supermarket baskets? According to analysis by investment bank Morgan Stanley, Tesco, the big dog of the UK’s grocery sector, expects to face a £1bn national insurance tax bill over the next four years. Reeves chose this as the principal …

High street firms face ‘terrible choices’ after Budget tax rises
1 month, 4 weeks ago

High street firms face ‘terrible choices’ after Budget tax rises

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Hospitality and retail businesses have …

Reeves to make pensions pitch in first Mansion House speech
1 month, 4 weeks ago

Reeves to make pensions pitch in first Mansion House speech

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Launching her pension changes, which Treasury sources have said …

Pubs and restaurants tell Reeves they face closures and ‘drastic’ job cuts after tax raid
1 month, 4 weeks ago

Pubs and restaurants tell Reeves they face closures and ‘drastic’ job cuts after tax raid

The Telegraph  

Britain’s biggest pubs, hotels and restaurants have told Rachel Reeves they face being forced to shut sites and make “drastic” job cuts after the Chancellor launched a tax grab on employers. In a letter to Ms Reeves, more than 200 hospitality bosses warned the sharp increases in National Insurance contributions were “unsustainable” and would lead to venues shutting down and …

‘Seriously?’: Economist blasts Treasury’s ‘dubious’ tax raid tweet
2 months ago

‘Seriously?’: Economist blasts Treasury’s ‘dubious’ tax raid tweet

The Telegraph  

The Treasury has been accused of making “dubious” claims over Rachel Reeves’s Budget tax raid after declaring it was not raising National Insurance rates. Paul Johnson, the director of the Institute for Fiscal Studies, hit out at the Treasury after it posted on social media that it was “not increasing the basic, higher or additional rates of Income Tax, National …

Pay growth slumps to near four year low
2 months ago

Pay growth slumps to near four year low

The Telegraph  

Pay growth has slumped to its lowest pace since February 2021 as bosses warn Rachel Reeves’ Budget tax raid will hit hiring. Permanent wage growth dropped from 52.8 in September to nearly a four-year low of 52.5 in October, just before the Chancellor’s Autumn Statement, according to the KPMG and REC UK Report on Jobs index. Demand for staff fell …

Labour accused of ‘absurd’ plan to break manifesto pledge over national insurance hike
2 months ago

Labour accused of ‘absurd’ plan to break manifesto pledge over national insurance hike

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Shadow work and pensions secretary …

Is the backlash against Reeves’s national insurance hike justified?
2 months, 1 week ago

Is the backlash against Reeves’s national insurance hike justified?

The Independent  

It should probably come as no surprise that what the chancellor, Rachel Reeves, once described as “a tax on jobs” has turned out to be. In particular, the “secondary threshold” – the level at which employers become liable to pay national insurance on each employee’s salary – will come down from £9,100 per year to £5,000 per year. The health …

Budget 2024: Rachel Reeves faces backlash from GPs, care homes and hospices over national insurance hike
2 months, 1 week ago

Budget 2024: Rachel Reeves faces backlash from GPs, care homes and hospices over national insurance hike

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. But while the NHS and the rest of the public …

Budget tax hikes will be ‘devastating’ for charities, body warns
2 months, 1 week ago

Budget tax hikes will be ‘devastating’ for charities, body warns

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Charities which are “already in …

Budget market reaction ‘very different’ from Liz Truss turmoil, minister insists
2 months, 1 week ago

Budget market reaction ‘very different’ from Liz Truss turmoil, minister insists

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The UK is in a …

Chancellor Rachel Reeves finally admits her National Insurance rise will hit working people
2 months, 1 week ago

Chancellor Rachel Reeves finally admits her National Insurance rise will hit working people

Daily Mail  

RACHEL Reeves yesterday admitted her bombshell Budget will squeeze the wages of millions of working people. But economists warned that most of her £25 billion raid on employer National Insurance would be passed on to workers through lower wages. Chancellor Rachel Reeves told MPs on Wednesday that she had protected workers by freezing direct taxes on their pay Economists warned …

US employers rethink plans for UK after Reeves’s £25bn jobs tax
2 months, 1 week ago

US employers rethink plans for UK after Reeves’s £25bn jobs tax

The Telegraph  

American bosses are reconsidering their UK investment plans after Rachel Reeves launched a £25bn tax raid on employers, a transatlantic trade body has warned. Duncan Edwards, the chief executive of British American Business, said the Chancellor’s move to increase National Insurance costs had made the UK “less attractive”. “For the UK leaders of American-owned companies looking to get more investment …

Watch: Starmer and Reeves speak after Labour’s £40bn tax-raising Budget
2 months, 1 week ago

Watch: Starmer and Reeves speak after Labour’s £40bn tax-raising Budget

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. She revealed new taxation measures that aim to raise £40bn …

Brits will end up being paid less after Labour's Budget, admits Rachel Reeves as she refuses to rule out MORE tax hikes and economists warn growth will be crushed record burden
2 months, 1 week ago

Brits will end up being paid less after Labour's Budget, admits Rachel Reeves as she refuses to rule out MORE tax hikes and economists warn growth will be crushed record burden

Daily Mail  

This video is no longer available This video is no longer available Rachel Reeves admitted Brits will see lower wages as a result of her Budget mega-raid today - amid warnings she will be back for more. Rachel Reeves on a visit to a hospital in Coventry with Keir Starmer today after delivering her Budget The OBR said the Budget …

The devastated business owners left in tears by Labour's Budget: Hairdresser breaks down on live TV as IFS warns National Insurance hike will hit low-paid jobs hardest and force firms to cut salaries,
2 months, 1 week ago

The devastated business owners left in tears by Labour's Budget: Hairdresser breaks down on live TV as IFS warns National Insurance hike will hit low-paid jobs hardest and force firms to cut salaries,

Daily Mail  

This video is no longer available This video is no longer available An entrepreneur has broken down on live television over the hike in National Insurance which businesses say will force them to cut jobs, reduce salaries and put up prices. Entrepreneur Toby Dicker has broken down on live television over the hike in National Insurance which businesses say will …

Papers react to Labour’s Budget ‘gamble’
2 months, 1 week ago

Papers react to Labour’s Budget ‘gamble’

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Ms Reeves said Labour’s first …

Employers warn of crisis as Reeves increases NI contributions
2 months, 1 week ago

Employers warn of crisis as Reeves increases NI contributions

The Telegraph  

Corporate Britain has sounded a warning about hiring freezes and pay cuts after emerging as the biggest loser of a £40bn tax raid. Pubs, restaurants and cafes, which rely on part-time staff, could see their tax bills rise by a collective £1bn as a result of the changes, UKHospitality warned, as firms will have to start paying National Insurance Contributions …

Reeves uses first Budget to hike taxes, increase borrowing and boost spending
2 months, 1 week ago

Reeves uses first Budget to hike taxes, increase borrowing and boost spending

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. But despite Labour’s promises to protect “working people”, a …

Employer national insurance hike to slow hiring and wage growth, critics say
2 months, 1 week ago

Employer national insurance hike to slow hiring and wage growth, critics say

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Chancellor has admitted that …

Martin Lewis gives his reaction to the budget: From hiking employers' National Insurance to inheritance tax on pensions, the money saving expert's verdict on Rachel Reeves' £40billion tax raid
2 months, 1 week ago

Martin Lewis gives his reaction to the budget: From hiking employers' National Insurance to inheritance tax on pensions, the money saving expert's verdict on Rachel Reeves' £40billion tax raid

Daily Mail  

Martin Lewis has given a definitive run down on Rachel Reeves' Budget, as he warned that 'someone will have to pay' for Labour's new policies. Feel free to share pic.twitter.com/ewDye8xn2S — Martin Lewis October 30, 2024 Mr Lewis, the founder of MoneySavingExpert.com, asked how the businesses will pay for a £615 surge per employee 'For the employers who pay it, …

Reeves goes after employers with young workers the clear winners
2 months, 1 week ago

Reeves goes after employers with young workers the clear winners

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Chancellor Rachel Reeves took aim …

Employers National insurance: How will the Budget tax rise affect you?
2 months, 1 week ago

Employers National insurance: How will the Budget tax rise affect you?

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Rachel Reeves has …

Autumn budget 2024 predictions: 8 key things to watch out for in Rachel Reeves’s statement
2 months, 1 week ago

Autumn budget 2024 predictions: 8 key things to watch out for in Rachel Reeves’s statement

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Rachel Reeves is set to unveil Labour’s first Budget in a …

Every way Labour has defined ‘working people’ ahead of the Budget
2 months, 1 week ago

Every way Labour has defined ‘working people’ ahead of the Budget

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Labour ministers have …

Millions of working people will suffer from Reeves’s first Budget, warns OBR
2 months, 1 week ago

Millions of working people will suffer from Reeves’s first Budget, warns OBR

The Telegraph  

Millions of working people will suffer from Rachel Reeves’ Budget tax raid, the Government’s fiscal watchdog has warned. Workers will pay for 80pc of the Chancellor’s increase in employer National Insurance in the long term through lost wage increases and lower income, according to the Office for Budget Responsibility. Homeowners also face hundreds of pounds more in mortgage bills, with …

Reeves warns that Budget pain will just be the beginning with more difficult choices to come
2 months, 1 week ago

Reeves warns that Budget pain will just be the beginning with more difficult choices to come

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. But with the prime minister also warning of “tough choices” …

Private schools warn sector could ‘fall apart’ if hit by national insurance and VAT tax blow
2 months, 1 week ago

Private schools warn sector could ‘fall apart’ if hit by national insurance and VAT tax blow

The Independent  

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Keir Starmer tells Brits they face a 'harsh reality': Prime Minister issues a new tax warning as Labour's Budget is set to batter employers with a major national insurance rise
2 months, 1 week ago

Keir Starmer tells Brits they face a 'harsh reality': Prime Minister issues a new tax warning as Labour's Budget is set to batter employers with a major national insurance rise

Daily Mail  

VAT on private school fees and non-dom crackdown - likelihood 10/10 The Labour manifesto committed to scrapping non-dom status, adding VAT to private school fees and increasing stamp duty on buyers from abroad. Employer national insurance - 9/10 Rachel Reeves looks almost certain to increase employer NICs, despite claims it is a 'straightforward breach' of the Labour manifesto. Capital gains …

Rachel Reeves 'plans to hike employers' National Insurance by up to two percentage points in Budget to raise £20bn for public services'
2 months, 2 weeks ago

Rachel Reeves 'plans to hike employers' National Insurance by up to two percentage points in Budget to raise £20bn for public services'

Daily Mail  

Rachel Reeves is set to increase employers' national insurance contributions by up to two percentage points to collect billions to help fund the NHS. The changes to employers' national insurance contributions are set to be the single largest revenue raiser of next week's Budget. Rachel Reeves is set to increase employers' national insurance by up to two percentage points to …

Reeves set to increase employers’ national insurance contributions
2 months, 2 weeks ago

Reeves set to increase employers’ national insurance contributions

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Rachel Reeves is …

How Rachel Reeves' budget could make the gulf between public and private pensions even wider
2 months, 2 weeks ago

How Rachel Reeves' budget could make the gulf between public and private pensions even wider

Daily Mail  

A huge chasm between generous public sector pensions and squeezed private sector pensions could be blown even wider next week. Chancellor Rachel Reeves is expected to protect public sector workers from a raid on employers’ pension contributions in the Budget. Chancellor Rachel Reeves is expected to protect public sector workers from a raid on employers’ pension contributions in the Budget …

Now high earners are in Labour's tax crosshairs: Minister refuses to say if pledge not to hammer 'working people' includes the better paid - with fears 'stealth' raid will drag another 600,000 into hi
2 months, 2 weeks ago

Now high earners are in Labour's tax crosshairs: Minister refuses to say if pledge not to hammer 'working people' includes the better paid - with fears 'stealth' raid will drag another 600,000 into hi

Daily Mail  

A minister dodged on whether bigger earners count as 'working people' today after Wes Streeting hinted they will be hammered with Budget tax hikes. Care minister Stephen Kinnock repeatedly refused to answer as he was grilled over whether the protection Labour promised at the election extended to those making six figures. Asked on Sky News whether people who earned more …

Ex-Bank of England chief Mervyn King urges Rachel Reeves to raise national insurance in Budget
2 months, 3 weeks ago

Ex-Bank of England chief Mervyn King urges Rachel Reeves to raise national insurance in Budget

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Former Bank of …

Make no mistake – if Reeves hikes ‘employer’nNational insurance, it IS a tax on working people
2 months, 3 weeks ago

Make no mistake – if Reeves hikes ‘employer’nNational insurance, it IS a tax on working people

The Independent  

Ahead of her first-ever Budget, speculation is mounting that chancellor Rachel Reeves will hike up employer national insurance contributions. At first glance, this may seem as though Labour is keeping its pre-election promise to not clobber “working people” – but make no mistake: this plan very much will impact hard-working folk. “Working people” might not see a direct impact if …

What could an increase in employer national insurance mean for businesses?
2 months, 3 weeks ago

What could an increase in employer national insurance mean for businesses?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Ms Reeves and Sir Keir Starmer have declined to …

‘We will keep manifesto promise on tax,’ says Starmer amid Budget speculation
2 months, 3 weeks ago

‘We will keep manifesto promise on tax,’ says Starmer amid Budget speculation

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Prime Minister has declined …

Reeves accused of hypocrisy after admitting NI raid would hit workers’ pay
2 months, 3 weeks ago

Reeves accused of hypocrisy after admitting NI raid would hit workers’ pay

The Telegraph  

Rachel Reeves has been accused of hypocrisy after it emerged she previously admitted that increasing National Insurance for employers would hit workers’ pay. The Chancellor is thought to be planning to increase NI contributions for employers as part of a package of measures designed to raise £40 billion in this month’s Budget. Two years ago, Ms Reeves, when she was …

Rachel Reeves hints her Budget will hike National Insurance amid fears she could take £30BILLION from Brits
2 months, 3 weeks ago

Rachel Reeves hints her Budget will hike National Insurance amid fears she could take £30BILLION from Brits

Daily Mail  

Rachel Reeves dropped a major hint that firms will be hit with a major tax increase in the Budget today. Keir Starmer was warned today that raiding employers' national insurance in the Budget would be a 'straighforward breach' of Labour 's manifesto The head of the IFS, Paul Johnson, said the Labour manifesto was 'clear' on NICs Ministers have been …

Reeves warned over ‘straightforward breach’ of manifesto if Labour hikes national insurance in Budget
2 months, 3 weeks ago

Reeves warned over ‘straightforward breach’ of manifesto if Labour hikes national insurance in Budget

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Rachel Reeves has …

Reeves insists National Insurance increase won’t break manifesto pledge
2 months, 3 weeks ago

Reeves insists National Insurance increase won’t break manifesto pledge

The Telegraph  

The Chancellor has insisted that increasing employers’ National Insurance contributions in the Budget won’t break Labour’s promise to protect working people from tax rises. She insisted that a manifesto pledge not to increase income tax, National Insurance or VAT only applied to “working people”, and not the companies that employed them. The Chancellor refused to rule out an increase in …

Rachel Reeves: Labour won’t raise income tax or national insurance
7 months, 2 weeks ago

Rachel Reeves: Labour won’t raise income tax or national insurance

The Telegraph  

Setting out his core policies earlier this month, Sir Keir made his first key pledge to keep taxes “as low as possible”, without committing to specific cuts. Ms Reeves also insisted there is “not going to be a return to austerity” under Labour, as she was pressed to rule out public sector cuts. I would have to do that if …

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