A dark future awaits trades businesses
Posted: Thursday, November 28th, 2024
The Autumn Budget announced by Chancellor of the Exchequer Rachel Reeves has received severe criticism from the opposition party and tradespeople. Speaking to Clive Holland on The Clive Holland Show, Shadow Business Secretary Andrew Griffith MP and Scott Mullins from WeFix express their discontent with the rise in Employers National Insurance Contributions and the minimum wage. Andrew believes the Labour Government has made a "huge mistake," as the cost-of-living crisis has already made things difficult for trades businesses. "There's not a lot of money in tradespeople's pockets, and it's not always easy to increase their prices as clients are demanding and want more for less. The last thing a government should do is put a direct tax on jobs." He points out that in addition to paying a higher employer National Insurance contribution and wages to employees, family-run trades businesses will have to pay a family firm tax when passed on to the next generation. It's a triple whammy hitting small business." According to Scott, the Autumn Budget is an "absolute disaster". He notes that the government should be helping businesses, but the rise of 1.2% in employer National Insurance contribution will cost every firm an extra £1,000 per employee. He adds that this will strain apprenticeships as young people will not see trades as lucrative careers. "Unfortunately, we're going to see a lot of businesses being forced to shut down, and many people are going to lose their jobs."
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