Perfect storm for industry after budget confirmed

The minimum wage is to increase again, and bosses will also be hit by increased national insurance

- LUCY ELDER

THE equestrian industry is facing “the perfect storm” as minimum rates of pay will rise further than predicted next spring.

Businesses face soaring wage bills on top of the welldocumented ongoing issues, including high interest rates and increased pressure on everyone’s finances.

There are also concerns that some in the industry have failed to move with the times – they have been warned that non-compliance with the law is not an option and that HMRC is cracking down.

In the budget on 30 October, the chancellor confirmed that the living wage – the minimum rate of pay for people aged 21 and over – will rise from £11.44 to £12.21 an hour in April. The rate for 18- to 20-year-olds will increase from £8.60 to £10, as part of the phased move to a single hourly rate. Apprentices’ minimum wage will be boosted from £6.40 to £7.55.