"The one thing the UK economy needed from this Budget was stability and confidence-boosting measures. Unfortunately, before the Chancellor even spoke, markets were unsettled by leaks and speculation. While there are some positive elements, such as an extension of enterprise incentives and other tax support to "scale up businesses" these have been overshadowed by the chaotic lead-up and the disappointing detail of today's announcements."
"Employer liabilities will increase with higher National Living Wage rates, tightened salary sacrifice rules for pension contributions that slash NIC exemptions from £60K to £2K, meaning increased NICs and rising business rates. At the same time, sweeping reforms in the Employment Rights Bill risk creating barriers to hiring and undermining the Government's own ambition to reduce business administration by 25% by 2029."
Markets were unsettled by leaks and speculation before the Chancellor's statement, undermining confidence. The Budget extends enterprise incentives and tax support aimed at scaling up businesses, but those measures are overshadowed by the chaotic lead-up and limited detail. Recruitment and workforce solution firms face strain from flat economic conditions, cost-of-living pressures, and the looming Employment Rights Bill while confronting rising costs and added complexity. Employer liabilities will increase due to higher National Living Wage rates and tightened salary sacrifice rules that reduce NIC exemptions from £60K to £2K, increasing employer NICs and business rates. Sweeping Employment Rights Bill reforms risk creating hiring barriers and jeopardising plans to cut business administration by 25% by 2029. Recent Hiring Trends show a steady rise in contract hiring over the last two months, but further business-supported measures are required to sustain momentum.
Read at London Business News | Londonlovesbusiness.com
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