NI hike to force prices up for 'most firms' this year

A MAJORITY of businesses will lift prices in the next year due to the Government's national insurance increase, a survey has suggested, adding to fears that the Budget might stoke inflationary pressures.

- By Chris Dorrell

More than half of respondents (54%) to Grant Thornton's business outlook tracker said that they would need to pass on higher employment costs to customers through increased prices in 2025.

Schellion Horn, head of economic consulting at Grant Thornton, claimed that this would "put pressure on inflation" and force the Bank of England to keep interest rates higher for longer.