UK high street bosses urge chancellor to cut cost of employing young people

Major UK retailers and hospitality chains, including Tesco, Costa Coffee, and the Co-op, have pressed Chancellor John Healey to lower the threshold for employers’ national insurance contributions in his upcoming budget, citing concerns over rising labor costs. Industry leaders, such as executives from Marks & Spencer and Sainsbury’s, highlighted the financial strain caused by the recent increase in NICs during a meeting at the No 11 event. Businesses argue that reducing these costs could help ease the burden of hiring young workers amid economic pressures. The push comes as employers face growing challenges in maintaining workforce affordability.

Retailers call on John Healey to reduce national insurance contributions threshold in his first budgetSome of the UK’s biggest retailers and hospitality businesses, including Tesco, Costa Coffee and the Co-op, have met John Healey to urge him to cut the cost of employing young people in his first budget.At the No 11 event on Tuesday morning, the chancellor heard from sector leaders – including the boss of Marks & Spencer, Stuart Machin, and Sainsbury’s chief executive, Simon Roberts – about the impact of the rise in employers’ national insurance contributions (Nics). Continue reading...