Retail and hospitality in London face extra £2bn in costs from this week

Retail and hospitality in London face extra £2bn in costs from this week

Lower business rates, higher minimum wages and National Insurance Contributions all pile on the pressure

Today’s news in brief - 01/04/25

UKH has urged the government to work with the industry amid £3.4bn of new annual costs that have come in today (1 April). Hospitality businesses will now face an additional £1.9bn in wage costs, £1bn of employer NICs and £500m in business rates, as a result of relief being lowered from 75% to 40%. As such, UKH is urging the government to bring forward a plan for hospitality businesses that enables the sector to unlock growth and jobs. This plan …

Sector braces for £3.4bn cost hike

Hospitality businesses are facing a substantial financial blow today (Tuesday 1 April), with annual cost increases totalling £3.4bn coming into effect.

Retailers face £5.6bn in costs as Budget price hikes loom

Retailers are bracing for a surge in added operating costs amounting to £5.56bn, with a significant portion expected to be passed on to consumers through higher prices, according to new research from Retail Economics and frontline specialist Yoobic. The increased financial burden stems from changes introduced in Chancellor Rachel Reeves’s October Budget, including National Insurance increases taking effect from April 6, a higher minimum wage fro…