#employment-costs

#employment-costs

A new survey by Employment Hero found that 86 per cent of 1,000 business leaders are worried about what the Budget will mean for their companies, with 59 per cent saying they believe the government does not take the needs of small businesses into account when setting fiscal policy. The concern comes after employer National Insurance contributions (NICs) rose from 13.8 per cent to 15.05 per cent in April - a move that many SMEs say has already strained their finances.

FSB's Small Business Index (SBI) for Q3 shows overwhelming pessimism among small firms in the London region, with a headline confidence reading of -46 points. The proportion of small firms in the London region are bracing for contraction, be it downsizing, closure, or a sale, in the next 12 months has risen to 30% per cent.

Rachel Reeves faces another setback with a significant decline in company hiring plans, recorded at a historic low of 57 percent for the upcoming three months.

The second successive monthly fall in UK GDP in May confirms that the strong growth of 0.7% reported in the first quarter was just a flash in the pan.

Greene King expects to be hit with nearly £50 million in additional costs each year due to rising business rates and employment costs, urging government reform.