More than 200 sign letter to chancellor saying rises in national insurance contributions will cause business closures
More than 200 bosses in the hospitality industry have warned Rachel Reeves that her national insurance tax increases will lead to “drastic” job cuts and business closures. The bosses, which include the heads of Fuller, Smith & Turner pub chain and Whitbread, have signed a letter from trade body UKHospitality to the UK chancellor saying the rises disproportionally affected the hospitality industry.
Companies, including retailers Marks and Spencer and J Sainsbury, pub chain JD Wetherspoon, Wagamama-owner The Restaurant Group and telecoms group BT, have said the rises will add millions of pounds to costs. In a note published following the Budget, Morgan Stanley estimated that the changes will result in a 3 per cent increase in staff costs for UK retailers, which alongside the increases in living wages, would lead to an acceleration of food inflation.
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