Rachel Reeves Spring statement
We received some interesting commentary from the Chamber of Commerce, of which we are members, about the Spring statement and the measures the Chancellor has implemented. The Chamber’s survey carried out after the budget suggested that:
- Businesses voiced strong concerns about the planned increase in Employers’ National Insurance (NI), with 60% expecting it to limit recruitment and 61% expecting to have to increase prices to offset the increase labour costs. 57% of businesses surveyed also expected to reduce future wage settlements, while nearly half (49%) expected to reduce investment in growth.
- Unease among businesses over the changes to National Minimum Wage (NMW). Over half (51%) expected higher wage costs for staff paid at the NMW level and 57% predicted increased costs for workers earning above this threshold. These wage pressures were expected to lead to reduced investment in growth for 50% of respondents and limited recruitment for 49%. Additionally, 50% of businesses anticipated passing on higher costs to customers through price increases. 12% of respondents were expecting to have to make redundancies.
SLL will not be raising any of our charges following the budget, and intend to continue to offer the best value lettings service in Furness. Accountable, local and trusted.