National living wage fears grow ahead of Autumn Statement as two-thirds of affected firms will hike prices September 30, 2016 Employers have warned they will be forced to raise prices, freeze hiring or cut hours if the government pushes ahead with plans for a £9 an hour national living wage (NLW) by 2020. A new survey from the British Chambers of Commerce (BCC) found one-third of business had been affected by the new £7.20 minimum [...]
Startups are swelling the ranks of UK businesses September 26, 2016 The number of VAT registered businesses in the UK has hit an all-time high of 2.1m, up four per cent from 2m last year. The rise has been driven by the thriving national startup economy, according to accountancy group UHY Hacker Young. The number of businesses in the UK per capita has meanwhile recovered to [...]
All Bar One owner Mitchells & Butlers’ share price lifts despite drop in full-year sales September 22, 2016 All Bar One owner Mitchells and Butlers has toasted a rise in drinks sales during the summer heatwave, but this hasn't been enough to lift a decline in turnover over the full year. The figures Like-for-like sales in the 51 weeks to 17 September fell by 0.8 per cent, the pub and bar group said today [...]
John Lewis warns on job losses due to its commitment to staff pay September 15, 2016 The John Lewis Partnership warned this morning that it may be losing staff "over time" due to its paying its employees higher than the government-imposed national living wage. The company committed to paying workers "well above" the new national living wage, but said this had landed it with £33m in extra costs. If the department store had [...]
Next posts a fall in profits in “challenging and volatile” trading environment September 15, 2016 Announcing a fall in profits this morning, Next said that trading since its July sale had been "challenging and volatile". The figures Next's pre-tax profit fell 1.5 per cent to £342.1m, down from £347.1m a year earlier. It was weighed down by profit falls at Next Retail and Next Brand which dropped 16.8 per cent and [...]
Theresa May’s treatment of EU nationals in the UK “inhuman and immoral” says TUC boss Frances O’Grady September 12, 2016 TUC general secretary Frances O'Grady has hit out at Theresa May's failure to guarantee the rights of EU nationals currently living in the UK, branding the decision "immoral and inhuman". May has expressed a desire to grant residency protections to EU citizens currently in the UK, but cautioned this remains tied to the willingness of [...]
Nearly three per cent of UK workers have reported they are now on a zero-hours contract September 8, 2016 Almost three per cent of the UK's workforce has reported being employed on a zero-hours contract basis in their main job, according to new figures. Data released today by the Office for National Statistics (ONS) showed the number of people on zero-hours contracts, which do not guarantee staff a certain number of hours' work, rose by [...]
Why we’re backing Britain’s resilient and optimistic small businesses September 8, 2016 In the run up to June’s referendum vote, small and medium-sized enterprises (SMEs) became a focal point for both Leave and Remain camps, with each side claiming the support of small business owners for their different visions of Britain’s future. This focus on SMEs was unsurprising – these businesses are the nuts and bolts of British [...]
Think tank hits back at businesses trying to neuter Osborne’s living wage September 7, 2016 A leading think tank has urged Theresa May to ignore the complaints of businesses and push ahead with raising the national living wage (NLW) over the coming years. The Resolution Foundation has today called on the prime minister to “stick to her guns”, warning watering down the policy could result in low-paid workers losing out [...]
More than half of small businesses say the National Living Wage has hit profits September 1, 2016 More than half of small businesses say they have reduced profitability or simply absorbed the costs of the new national living wage. A June survey of more than 1,000 small businesses found that 59 per cent had swallowed the impact of the rise in minimum salary. A further 35 per cent said they had increased [...]