0:00
it's been over a week since the budget
0:02
dropped and the commentary has been
0:04
non-stop but now the dust is settled how
0:06
are businesses saying that these tax
0:08
hikes will really impact them the bosses
0:10
of large retail and Hospitality firms
0:12
like Fullers green King and Morrison's
0:15
Have warn the business secretary that
0:17
last week's budget risks affecting an
0:19
already stretched sector Morrison said
0:22
that Rising taxes increasing costs and
0:24
fragile consumer confidence is going to
0:27
bring growth to a grinding halt Fullers
0:29
warmed wared that the budget backlash
0:31
would trigger an avalanche of costs
0:33
leaving the company no choice but to
0:35
increase prices green King also said
0:37
that the layering of cost on pubs next
0:39
year will leave pubs with an array of
0:41
difficult decisions around pricing and
0:43
hiring British Outsourcing giant Ciro
0:47
has also warned that the tax changes
0:49
outlined in the budget will drive costs
0:51
by as much as2 million pound across the
0:54
group secro told its shareholders that
0:56
the lower threshold of National
0:57
Insurance contributions and increase
1:00
employers national insurance tax rates
1:02
will increase its labor costs it
1:04
estimated that the direct additional
1:06
labor cost to be around 20 million per
1:09
year with the changes kicking off from
1:12
2025 however it hasn't all been negative
1:15
Pizza pilgrims co-founder Tom Elliott
1:17
said that the budget didn't announce the
1:19
reform to business rates that he wanted
1:21
it boyed his hopes that the change will
1:23
come he told cityam when it comes to
1:25
increasing minimum wage that it can only
1:28
be good for the whole country but but he
1:30
added that it does impact Hospitality
1:32
hard Sab has also warned that the budget
1:35
will hit its back pocket causing
1:37
Supermarket price inflation the leading
1:39
supermarket has estimated the cost of
1:41
the change at40 million due to an
1:44
increase in both National Insurance
1:46
contributions and minimum wage squeezing
1:49
their profit chief executive Simon
1:51
Roberts said that the firm will do
1:53
everything they can to mitigate the
1:54
impact on overall prices yet cost
1:56
pressures are mounting overall the
1:59
reaction from from big businesses in the
2:00
UK has been mixed some have acknowledged
2:04
the benefits of tax hikes and an up
2:06
minimum wage yet generally businesses
2:08
warned that these changes will squeeze
2:10
their profit leading to an increase in
2:12
prices to keep up with all the analysis
2:14
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2:17
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