UK firms flag over $1 billion in costs from increase in national insurance, wages
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 21 2024
0mins
Source: Reuters
Impact of National Insurance Contribution Increase: British companies are anticipating an increase in costs totaling approximately £820 million ($1.04 billion) due to rising employers' National Insurance Contributions and minimum wage hikes, which they expect will contribute to inflation.
Sector-Specific Cost Estimates: Various companies, including major retailers like Sainsbury's and Marks & Spencer, have reported specific cost impacts from these changes, with estimates ranging from millions to hundreds of millions of pounds across different sectors.
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.
