British Pub Owners Face Tax Hike
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social security hikeReuters
•Business
Business & Economics
Analysis-As tax hit looms, UK employers prepare to push up prices
77% Informative
Pub owner Philip Thorley sees only one direction for his prices once a tax hike for British employers kicks in next week : up.
Many business owners are bracing for the 25 billion-pound ( $33 billion ) hike in employers' social security contributions.
Social security hike will be felt keenly in hospitality, where two-thirds of workers are part-time and have mostly earned too little for employers to pay the contributions.
The Bank of England is waiting to see what impact the budget changes will have.
"But one -off or temporary inflation has become a bit of a dirty word since COVID , after central banks misjudged this pretty heavily through 2022 and 2023 ." Rising inflation expectations among households and businesses mean the BoE cannot count on pay deal restraint, especially if Reeves ' tax increase fuels further price rises. "If you had to pick a time to make this change, I wouldn't have done it now," Wood said. ($ 1 = 0.7596 pounds ) (Graphic by Leigh Thomas in Paris ; Editing by Catherine Evans ).
VR Score
90
Informative language
97
Neutral language
51
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English
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