Garden industry wilting under pressure

THE FUTURE of hundreds of horticultural firms is at risk following a "triple whammy" hit by Rachel Reeves, the industry has warned.

- By Steph Spyro

Garden centres, nurseries and landscapers are among the businesses battered by next year's changes to inheritance tax, today's hikes in National Insurance contributions and increases in the National Living Wage.

It comes as the British Retail Consortium warns the latter two will cost the retail industry more than £5billion a year, rising to £7billion when a packaging tax comes into force in October.

The Horticultural Trades Association has said the "triple whammy" means two-thirds of its 1,300 members plan to raise prices, while many will postpone or reduce capital investments and consider hiring freezes.

The green sector expects a 21% drop in net profit this year because of the NI and living wage costs, bringing a £134million collective blow to the HTA's members.