The Labour Party’s recent Autumn Budget has raised concerns among businesses, particularly in the hospitality, leisure, and retail sectors. These industries, often employing a high proportion of minimum-wage workers, are grappling with escalating financial pressures as they face new changes in business rates and adjustments to both minimum wage and National Insurance.
Michael Shapiro states that the combination of business rates with other rising costs places a significant strain on employers. “The increase in minimum wage, along with the National Insurance adjustments, hits the hospitality, leisure and retail sectors hardest, as these sectors often employ the most minimum-wage workers,” he remarks. “While business rates relief might initially appear beneficial, these concurrent costs effectively neutralise much of the intended support, leaving businesses struggling to stay afloat.”
Providing further explanation of these economic pressures on small to mid-sized businesses, Property Week has published an article featuring comments from Spencer West Property Partner, Michael Shapiro.
Read the full article which sits behind a pay wall can be accessed here: Taxing questions raised on business rates | Property Week
