UK firms flag over $1.2 bln in labour costs from increase in national insurance, wages
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 27 2024
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Source: Reuters
Impact of Increased Labour Costs: British companies are anticipating a total increase of £973.5 million in labour costs due to rising National Insurance Contributions and minimum wages, as outlined in Finance Minister Rachel Reeves' budget.
Sector-Specific Cost Projections: Various sectors, including retail, hospitality, and services, have reported specific projected cost increases ranging from millions to over a hundred million pounds, with many expressing concerns about inflationary pressures stemming from these changes.
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.
