RE: Finals5 Dec 2024 14:52
As to extra costs from the budget, presumably this will be addressed in next January's TU or March's results.
Don't think they employed many on minimum wage, but there could still be a knock-on effect higher up.
I suspect though that businesses will honour their minimum wage obligations by narrowing the pay gap with those higher up the chain. In other words, they'll mostly be clobbered if they're currently employing lots of staff on minimum wage, which H&T isn't.
The employer NICs increase to 15% will undoubtedly have an impact. Hopefully they'll adjust prices/loan rates/staff numbers to offset at least some of this.
The NI secondary threshold reduction to £5k might also have some impact, if they employ any highly temporary part time staff. This may be the case - especially around the peak Christmas period - but I doubt it would apply to very many.