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AUTUMN
Money, mon
Chancellor addresses wages, b
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hancellor Rishi Sunak confirmed in today’s Autumn Budget that the National Living Wage will rise to £9.50 from 1 April 2022, representing an increase of 59 pence or 6.6%. Bryan Sanderson, Low Pay Commission Chair, said: “The pandemic has been an exceptionally difficulty period for businesses and workers alike, but the labour market has recovered strongly and the economy is expected to continue to grow over the next year.” However, the NFRN has warned the move will threaten jobs in the sector. National President, Narinder Randhawa, said: “Independent retailers have already been hit hard by the Covid pandemic, with many having to reduce staff levels and hours and take on more of the work themselves. This increase to the national minimum wage will only make matters worse.
“At a time when small businesses need help and support more than ever, this move by the government feels like a kick in the teeth for those that are already struggling to survive.” Sunak also pledged to make business rates fairer, with more frequent revaluations from 2023. He said the government will introduce tax relief for businesses who adopt green technologies, such as solar panels, and for those who want to improve their properties. In addition, businesses in the retail, hospitality and leisure sectors – which have been hardest hit by the pandemic – will get a new 50% business rates discount, lasting for one year. Any eligible business can claim a discount on their bills of 50%, up to a maximum of £110,000. ACS Chief Executive, James Lowman, commented: “The impact of the pandemic has been uneven across the
‘At a time when small businesses need help and support more than ever, this move by the government feels like a kick in the teeth,’ says Randhawa
10 I SLRMAG.CO.UK / ISSUE 79 WEDNESDAY 27TH OCTOBER 2021
