Firms 'holding back' on new jobs ahead of Budget
Published · 1 min read
Some businesses in Devon are calling for reduced employment costs in the upcoming October Budget, citing increases in National Insurance contributions and the National Minimum Wage.
Publishers and small business owners, such as Tim Randell and Michelle Bunker, are particularly concerned about the impact on their ability to hire new staff. The 2024 Budget introduced higher National Insurance rates and a higher minimum wage, which have been challenging for businesses. Additionally, hospitality industry leaders are advocating for a reduction in VAT to support their sector. The Devon Chamber of Commerce is urging for a Budget that supports business growth. Chancellor John Healey has not ruled out tax increases but has emphasized support for businesses through various measures.