Today, Chancellor Rishi Sunak set out his spending plans in the Autumn Budget and Spending Review 2021. A number of measures have been announced that will impact our industry. These measures include:
• Rises to the National Living Wage and National Minimum Wage from 1 April 2022 (NLW increases from £8.91 to £9.50 an hour. NMW for people aged 21-22 goes up to £9.18 an hour. Apprentice Rate increases to £4.81 an hour).
• To support local high streets as they adapt and recover from the pandemic, the government is introducing a 50% business rates discount for 2022-23 for eligible businesses in retail, hospitality and leisure sectors, up to a maximum of £110,000.
• Apprentices and traineeships have been put high on the Treasury's agenda. £1.6 billion to roll out T-levels, £550m invested in adult skills and apprenticeships funding will increase to £2.7 billion by 2024-25– the first increase since 2019-20 – to support businesses to build the skilled workforce they need. The £3,000 apprentice hiring incentive for employers has been extended until January 2022.
• Rise by 1.25% to National Insurance contributions (as previously announced) from 1 April 2022 to fund health and social care.
Responding to the Chancellor’s Budget announcement yesterday, Helen Dickinson OBE, Chief Executive of the British Retail Consortium, said:
“Today, the Chancellor spoke of a new age of optimism, but retailers will struggle to share his confidence after a Budget that does not do enough to reduce the burden of costs bearing down on our shops, our high streets and our communities.
“This budget is a missed opportunity for retail and the three million people who work in the industry, and it prevents retail from maximising its contribution to the government’s levelling up agenda.”
To find out more, please visit: https://www.gov.uk/.../autumn-budget-and-spending-review...