Retail and hospitality leaders have urged John Healey to lower the national insurance threshold for employers in his first budget, saying the current rules are hurting youth and part-time hiring.
01Summary
- 01Tesco, Costa Coffee and the Co-op were among the businesses that met John Healey at No 11 on Tuesday morning.
- 02The group also included Marks & Spencer boss Stuart Machin and Sainsbury’s chief executive Simon Roberts.
- 03Firms want the national insurance threshold lifted from £5,000 to £6,000 a year, after it was lowered from £9,100.
- 04The British Retail Consortium said retailers had faced a 20% rise in taxes over two years, including an extra £6.5bn in new employment costs.
- 05Healey has also been reported to have rejected calls to equalise capital gains tax and income tax rates, though he may still consider a smaller CGT rise.
02Why it matters
The decision could affect hiring on the high street, especially for young people and part-time workers. It may also feed through to prices, investment and the government’s broader budget plans.
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