UK firms flag hundreds of millions in costs from NIC, wage hike post-budget
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 08 2024
0mins
Source: Reuters
Impact of Budget on UK Businesses: British companies are facing significant financial impacts from Finance Minister Rachel Reeves' budget, particularly due to increased National Insurance Contributions (NICs) and minimum wage, with estimated costs totaling around 500 million pounds across various sectors.
Sector-Specific Cost Estimates: Major firms like Sainsbury's, Marks & Spencer, and Asda have reported specific cost increases ranging from tens to hundreds of millions of pounds, anticipating that these changes will contribute to inflation in the economy.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
