"This budget brings another jobs tax on businesses that adds to the employment cost and will further hit hiring. Organisations have already seen the cost of employment rise with increased employer NICs, and the measures announced today will simply increase those costs further. With job creation well below pre-covid levels, this budget needed to incentivise businesses to hire - but this is simply adding more cost and risk."
"Now they're simply going back for more. Job creation is the foundation for economic growth, and this budget - freezing NIC thresholds, reducing salary sacrifice allowances, increasing minimum wage, alongside the added risks brought by employee rights bill - does the exact opposite."
The budget introduces an additional jobs tax on businesses that increases the cost of employment and will further reduce hiring. Organisations have already experienced higher employment costs due to increased employer NICs, and the announced measures will raise those costs further. Job creation remains well below pre‑covid levels, and the budget fails to incentivise businesses to hire by adding cost and risk. Evidence from the previous budget showed reduced hiring, yet similar policies are being repeated. Measures such as freezing NIC thresholds, reducing salary sacrifice allowances, raising the minimum wage, and the employee rights bill elevate costs and risks, undermining job creation and economic growth.
Read at London Business News | Londonlovesbusiness.com
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