LEADERS IN BUDGET PLEA TO CHANCELLOR

SENIOR business figures have urged the government to refrain from raising employment costs in the forthcoming Autumn Budget, to prevent small and medium-sized enterprises (SMEs) from increasing prices.

- MARIA WARD-BRENNAN

A fresh report by Employment Hero reveals that 86% of the 1,000 business leaders surveyed are apprehensive about the implications of the imminent Budget, with expectations of tax hikes by Rachel Reeves.

This follows a rise in employer national insurance contributions (NICs) from 13.8% to 15.05%, effective from April 6.

More than half (59%) expressed the sentiment that the UK government overlooks the requirements of small businesses when formulating Budget decisions.

If Reeves decides to elevate employment costs again, such as employer NICs, it could “damage the government's mission to drive economic growth and control inflation.”