BERNAMA – United Kingdom (UK) businesses are set to face a multibillion-pound wave of higher costs this week as higher wages and tax increases come into force, PA Media/dpa reported.
Retail and hospitality bosses have warned that higher labour costs and taxes are set to push up prices for customers across the UK.
A raft of measures linked to the Labour government’s first budget will come into force tomorrow, including a rise in the national minimum wage and higher property tax payments.
This will be followed by changes to national insurance contribution (NICs) payments from April 6.
Millions of UK workers will benefit from a rise in the national minimum wage to GBP12.21 (USD15.8) an hour tomorrow, representing an increase of 77p.
The move has forced many of the UK’s largest employers to increase their rates of pay, with supermarket groups Tesco and Sainsbury’s among firms to announce they would hike their basic pay above the new minimum.
