National Insurance
This coverage explores the impact of National Insurance policies and changes on the UK retail sector, focusing on employer contributions, payroll costs, regulatory compliance, and workforce planning. Reporting highlights how retailers adjust strategies to manage costs and meet obligations — providing insight for executives, managers, and HR professionals overseeing financial and operational planning.
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Nov- 2024 -15 NovemberNews-In-Brief
Today’s news in brief-15/11/24
The UK economy stagnated in Q3 2024, with GDP rising just 0.1%, a sharp slowdown from 0.5% growth in Q2. The services and construction sectors saw modest gains, but production shrank. Nominal GDP increased by 0.8%, driven by rising employee compensation. Economic uncertainty, partly due to the upcoming budget, hindered…
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15 NovemberEconomy
UK economy stagnates in three months to September
UK gross domestic product (GDP) is estimated to have stagnated during the third quarter of the year as uncertainty ahead of the budget affected decision making, according to the latest figures from the Office For National Statistics. The ONS found that UK GDP increased by 0.1% in Quarter 3 (July…
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15 NovemberEconomy
BRC warns chancellor Budget could cause inflation and job losses
The British Retail Consortium (BRC) has warned that the latest budget could cause inflation and job losses, in a draft letter seen by Sky News. In the draft, the BRC estimated that the National Insurance changes would increase retailers’ tax burden by £2.3bn annually. It also argued that the number…
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11 NovemberSupermarkets
Tesco to face £1bn increase to NI bill following Labour’s Budget
Tesco is expecting to see an increase of £1bn in its national insurance bill over the next four years following Labour’s Autumn budget, according to the Times. The chancellor Rachel Reeves has increased Employers’ National Insurance contributions in a bid to help raise as much as £40bn in taxes, pledging…
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8 NovemberNews
Sainsbury’s CEO warns NI contributions will cause spike in prices
Sainsbury’s CEO Simon Roberts has warned that the rise in employer’s national insurance contributions announced in the Autumn Budget will cost the supermarket £140m, Sky News has reported. Roberts said that the rise of NI would cause inflation to be higher than originally predicted and that Sainsbury’s won’t have the…
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5 NovemberEconomy
Retail sales see weak growth in October amid pre-budget uncertainty
Total retail sales in the UK nudged up by only 0.6% in October, compared with a growth of 2.6% in October 2023, as retail was hit by ongoing uncertainty surrounding the autumn budget, the BRC has reported. The BRC also attributed this slowdown to the fact that the October half-term…
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Oct- 2024 -31 OctoberNews-In-Brief
Today’s news in brief-31/10/24
The UK retail industry has raised concerns following Chancellor Rachel Reeves’ Autumn Budget, which aims to generate £40bn through measures like a rise in employers’ National Insurance to 15% and hikes in minimum wage rates. The British Retail Consortium (BRC) has warned that the new measures, which will add over…
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31 OctoberEconomy
Budget reaction: Retail warns that higher costs will hamper investment
The retail industry has warned that increased costs following the Autumn Budget may hit businesses hard, with retailers facing higher costs amid new measures that come into place next April, with some warning the sector will face over £2.5bn in new costs in 2025.Yesterday, chancellor Rachel Reeves announced a series…
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30 OctoberEconomy
Budget: Increases to employers’ NI and minimum wage
The chancellor Rachel Reeves has increased Employers’ National Insurance contributions in a bid to help raise as much as £40bn in taxes, pledging to also boost long-term growth and “mark an end to short term-ism” as part of Labour’s first budget since it came into power. Employers’ national insurance contributions…
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23 OctoberNews-In-Brief
Today’s news in brief-23/10/24
Chancellor Rachel Reeves is reportedly considering imposing higher taxes on Amazon as part of a broader effort to support British high streets, which have been struggling to compete with online giants. The proposed measures could come after her upcoming autumn budget, which is expected to introduce tax hikes and spending…
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