Despite April being labelled as 'Awful April' due to significant financial challenges including National Insurance rises and National Living Wage increases, the transportation and storage sector remained relatively unaffected. According to a recent ONS survey, only 16.1% of firms in this sector reported labor costs impacting their turnover, significantly lower than in manufacturing and retail. In fact, 11.6% of transportation and storage companies noted an increase in their turnover, showcasing their resilience amidst the economic pressures of the month.
Following the long-heralded increases in employer NI contributions and the National Living Wage, all eyes were on labour costs this April. British businesses were asked: "Which of the following challenges, if any, are currently impacting your business's turnover?" Only 16.1% of transportation & storage firms who responded between 19 April and 18 May said labour costs had impacted their turnover. That's significantly fewer than the 26.3% of manufacturers and 22.1% of retailers who said labour costs were impacting their businesses.
11.6% of transport & storage companies reported their turnover actually increased last month, which was a good result, though fewer than the 14.7% of manufacturers and 19.7% of retailers who noted similar turnovers.
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