Businesses nationwide are facing a serious threat from impending tax hikes, specifically an increase in Employer National Insurance Contributions and reduced Business Rates relief. These measures are expected to impose additional costs between £30,000 and £80,000 on each business, after already experiencing a surge in costs by 30-40%. Consequently, many companies are making drastic cuts, with surveys indicating that a significant number anticipate workforce reductions. Industry leaders are sounding alarms over the potential economic fallout, warning that the night-time economy may suffer irreversible damage as prices rise and consumer spending declines.
The Government is sleepwalking into disaster. Businesses have cut everything they can - jobs, hours, services - just to survive, and yet they're still being punished. These tax hikes will be the final nail in the coffin for thousands.
With an increase in Employer National Insurance Contributions (NIC) and a sharp reduction in Business Rates relief, many struggling businesses face an existential threat.
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