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Tax Hikes Threaten Entry-Level Jobs, Warns CEO

1/19/2025

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Summary

Story summary

Next CEO Lord Wolfson warns that tax changes, particularly the National Insurance rise, may limit entry-level job opportunities.
He calls for gradual tax adjustments to prevent retail job cuts.
The National Insurance rate will increase from 13.8% to 15%, with the threshold dropping to £5,000 in April 2025.
Wolfson anticipates a £70 million increase in wage bills, risking reduced hours or layoffs.
Critics claim these changes could hinder wage growth and raise inflation, affecting UK working households.

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Story summary

Next CEO Lord Wolfson warns that tax changes, particularly the National Insurance rise, may limit entry-level job opportunities.
He calls for gradual tax adjustments to prevent retail job cuts.
The National Insurance rate will increase from 13.8% to 15%, with the threshold dropping to £5,000 in April 2025.
Wolfson anticipates a £70 million increase in wage bills, risking reduced hours or layoffs.
Critics claim these changes could hinder wage growth and raise inflation, affecting UK working households.