Owners of small businesses have been left teetering on the brink following hikes in National Insurance and the minimum wage which will cost them thousands of pounds.
While pubs have said it will be punters who will be left picking up the tab and will not be getting a 'penny off a pint' despite the government's 1.7 per cent cut to draught duty. The respected IFS think-tank warned that the £25billion move to increase the headline employer NICs rate and lower the threshold at which it is paid will hit the lowest-paid jobs hardest.
The 36-year-old risked her future by quitting her job at Unilever and selling her home to start up Dog Go on the Wirral, Merseyside in 2017.The rise in employers’ National Insurance Contributions and minimum wage will set her back almost £7,500 a year. The 36-year-old risked her future by quitting her job at Unilever and selling her home to start up Dog Go on the Wirral, Merseyside in 2017She added: ‘I am a business owner but I am also a worker and I work seven days a week, yet I am the one getting squeezed. It just makes everything so much harder.
The entrepreneur from Chesire, runs The Victoria in Deptford and The Railway Tavern in Dalston and employs 56 people. Karli Buchling, 37, immediately started the process of moving her luxury pregnancy pillow business to South Africa once she saw Labour win the election in July. 'It is becoming too expensive and with having to possibly pay additional tax, it just doesn't make sense anymore.
Becky Lumsden, 49, described the budget as an 'extinction-level event' for her business as it imposed a £300,000 increase in staffing costs on her 23 beauty salons. She added: 'It's an absolute disaster, our industry is being decimated by every policy they seem to come up with. 'We work the hardest in our business and we're the lowest paid people on our payroll but we're not classed as workers, apparently.'
The 50-year-old says the rise in employers' national insurance contribution and minimum wage plus the cut in business rates relief will add £150,000 to his costs. 'It is going to make life worse as it is. There will be business closures. what we need is relief,' he added. He employs 10 people at the Fold Bistro in Stockport, Greater Manchester, and won't be able to invest in the restaurant or recruit for more roles following the tax hike.
The fine-dining restaurant opened in January 2023 and executive chef Ryan Stafford appeared on the final of the BBC's Great British Menu last year.'For them to have minimum wage go up over the cost of inflation in back to back financial years, it is basically asking small businesses to pay the cost of government ineptitude,' he said.
Karen MacDonald is considering closing her organic skincare store and moving it online following the cut in business rates relief Ms MacDonald-Agland, who pays herself just £7 per hour, said she would have to make redundancies if she moves her business online.
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