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Britain's Chancellor of the Exchequer Rachel Reeves delivers her Spring Statement of the budget at the House of Commons in London, Britain, March 26, 2025. —Reuters
#tax #hit #looms #employers #prepare #push #prices
Broadcasters: Pub owner Philip Thorley looks only one direction for his prices after a tax increase for British employers next week: UP. This may be bad news for the Bank of England, which plans to reduce interest rates to help the slow economy.
Thorley, who owns 18 hospitality locations around the beach city broadcasters, said it could not absorb all the extra costs, which have been after the traumatic race of inflation in recent years.
Thorley, who drunk on the screens and saw cricket at his Cordon Sports bar, “we feel like we are fighting Mike Tyson with one hand behind our back.”
“We are not a sponge. At some point we had to see it and enough to say it.”
Many business owners are brakes to increase employers’ social security contributions to 25 billion pounds ($ 33 billion).
Refus describes its first budget, which includes the biggest tax increase package in three decades, as a “generation” change to invest in public services and modernize the economy.
On Wednesday, he told lawmakers that it had costs for tax changes, but public financial affairs would be worse.
The hospitable increase in social security will be deepened, where two -thirds of the workers are part -time and they have earned very little to pay for most employers.
But the taxation declined sharply from the beginning of the year on April 6, with £ 9,100 to 21 years a year to drop by 9,100 pounds annually. The partnership rate will also increase.
In Crumpton, only four out of 30 staff outside the kitchen earn more than the current doorstep. From next week, almost all of them will do all.
Thorley said, “For us … it will be really difficult to swallow it.” “However, we’re not going … reacting to the knee shock. We’re trying to walk in practice.”
Thorley recently increased his beverage prices by 5.0 % after the annual price rise by beer suppliers. It is expected to require a similar rise to cover the highest increase in tax. The British Beer and Pub Association estimates that the average price of a pint will increase by 21 pans due to tax hikes and other changes.
On April 1st, the minimum wage of the UK increased by about 7.0 7.0 %, which increased significantly in young workers.
Hospitality firms are also facing a deduction for aid from the tax related tax -related tax related tax.
Hiring too hits
The difference between employers and employees’ salary-so-called tax wing-is lower than that of European allies in the UK, which is a result of a government policy to prefer decades of services.
But a pressure to tighten this gap will not be pain -free.
Although some firms are planning to make more automated – retailer Craise has said that they will replace paper price labels with electronic labeling – most employers are considering less services and lower wages in response to reeves budget.
Steve Hardeman, owner of the Cleveden Festiers, who makes parts of construction and engineering firms, said that the increase in social security and the minimum wage is equivalent to adding two people to 28 staff.
Rory Okifi, a commercial director of the medical device maker, said that his firm had placed two persons on a fixed term instead of permanent contracts and would take three students to short -term appointments instead of searching for graduates. The Bank of England is looking forward to seeing the impact of the budget changes.
Governor Andrew Bailey and his colleagues say they expect the interest rates to decline after three cautious decline since August, which is lower than the euro zone and the United States.
Last month, Bo emphasized the uncertainty hanging on the economy. These include the threat of a global trade war, which can lead to slow and weak inflation.
