Hospitality Bosses Warn of Business Closures, Job Cuts Over Budget Measures

Published on November 11, 2024

Changes to the employer National Insurance Contribution (NIC) threshold will lead to business closures and job losses within a year, hospitality sector leaders have warned, calling on Chancellor Rachel Reeves to take action. In a letter addressed to Reeves and supported by 209 hospitality businesses, UKHospitality warned on Saturday that Budget measures are “unsustainable” and “regressive” in their impact on lower earners. Currently, businesses pay a rate of 13.8 percent on employees’ earnings above a threshold of £9,100 a year. Labour raised the rate in its Budget to 15 percent from April next year and reduced the threshold to £5,000. Meanwhile, the employment allowance—which lets firms reduce their NI liability—will increase from £5,000 to £10,500....

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