Has the October 2024 budget impacted on your business?
Here’s a list of the main issues affecting business in Kent:
National insurance
Employers’ national insurance contributions to increase by 1.2% to 15% from April 2025 and a reduction of a secondary threshold when contributions are due from £9,100 to £5,000. This single budget change raises £25bn a year
The minimum wage
The national living wage for over-21s will increase by 6.7% to £12.21
Will the 2 key budget announcement above check any plans to employ more staff
Income tax
Increase in personal tax thresholds on income tax and national insurance in line with inflation from 2028-29. Not quite what the manifesto pledged but watch this space
Local government
£1.3bn of additional funding for local government, inc £600m for social care.
Having already appeased the unions with pay increases, is this enough for local government? Here in Kent we are already seeing a massive recruitment drive for more border force staff, that will impact the local economy, will government contracts also help?
Here at OHM we receive a daily list of procurement contracts issued by .gov, they are mostly requests from the north of England governments but good to see tendering is active and as fair as it can be if you’re on the mail list.
Oast House media work with a diverse cross section of SMEs in Kent and other counties. Whilst saying we will protect the worker, is Labour strangling the employer who pays the wage?
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