Marks & Spencer, National insurance, Tax and spending, Minimum wage, Retail industry, Business, Money, UK news, Budget, J Sainsbury, Autumn budget 2024, Supermarkets Business | The Guardian
M&S will pay an extra £60m in employer’s national insurance next year, but it can cope. Smaller firms may notM&S profits rise but retailer warns of £60m hit from Reeves’s budgetWednesday’s number of the day in the UK corporate scene was £60m. It is what Marks & Spencer expects to pay extra in employers’ national insurance next year, with the “same again”, said Stuart Machin, the chief executive, from wage increases that were already in train before last week’s budget. And £60m was also JD Wetherspoons’ estimate of its increases in taxes and business costs for 2025, including a jump of 67% in national insurance contributions.If those figures seem chunky, even for large employers, wait until even bigger companies report. It would not be surprising if Sainsbury’s, with 148,000 employees, on Thursday says its employers’ national insurance bill will rise by £120m-ish next year – or by slightly more than 50% from last year’s level of £222m. Wage increases might add a further £80m. Continue reading…
M&S will pay an extra £60m in employer’s national insurance next year, but it can cope. Smaller firms may not
Wednesday’s number of the day in the UK corporate scene was £60m. It is what Marks & Spencer expects to pay extra in employers’ national insurance next year, with the “same again”, said Stuart Machin, the chief executive, from wage increases that were already in train before last week’s budget. And £60m was also JD Wetherspoons’ estimate of its increases in taxes and business costs for 2025, including a jump of 67% in national insurance contributions.
If those figures seem chunky, even for large employers, wait until even bigger companies report. It would not be surprising if Sainsbury’s, with 148,000 employees, on Thursday says its employers’ national insurance bill will rise by £120m-ish next year – or by slightly more than 50% from last year’s level of £222m. Wage increases might add a further £80m.
