Tag #Employer Taxes

What is the immediate impact of the recent UK employer National Insurance increase on business hiring and employment levels?

In the first quarter of 2024, only 20 percent of UK firms expanded their workforce, the lowest rate since the first quarter of 2021, according to the British Chambers of Commerce (BCC). This is attributed to the recent increase in employer National Insurance contributions, impacting hiring and potentially leading to job losses and price increases. 17 percent of firms actually reduced staff during the same period.