UK high street bosses urge chancellor to cut cost of employing young people
Source: The Guardian ·
Retailers call on John Healey to reduce national insurance contributions threshold in his first budgetSome of the UK’s biggest retailers and hospitality businesses, including Tesco, Costa Coffee and the Co-op, have met John Healey to urge him to cut the cost of employing young people in his first budget.At the No 11 event on Tuesday morning, the chancellor heard from sector leaders – including…
From the source
Some of the UK’s biggest retailers and hospitality businesses, including Tesco, Costa Coffee and the Co-op, have met John Healey to urge him to cut the cost of employing young people in his first budget. At the No 11 event on Tuesday morning, the chancellor heard from sector leaders – including the boss of Marks & Spencer, Stuart Machin, and Sainsbury’s chief executive, Simon Roberts – about the impact of the rise in employers’ national insurance contributions (Nics). Businesses want a partial reversal of the surprise move by Healey’s predecessor, Rachel Reeves, to lower the earnings threshold at which they start to pay Nics from £9,100 to £5,000 a year. They argue the change contributed to the plunge in the number of high street jobs for young people and part-time workers and a rise in youth unemployment. They want the Nics threshold raised to £6,000, arguing this would help create jobs and ease inflation pressures on high streets. Retail and hospitality firms also hope Healey will…