Carolyn Fairbairn

UK Businesses to be Hit with “£29bn in Extra Costs”

UK Businesses to be Hit with “£29bn in Extra Costs”

UK small businesses will be hit with over £29bn in extra costs following the introduction of new government policies, research by the Confederation of British Industry (CBI) has claimed. The national living wage and apprenticeship levy are among new legislation which business owners believe will have a negative effect on small enterprises. The flagship schemes, being introduced in April 2016 and 2017 respectively, are said to cost British businesses around £9bn every year by 2020-21 when added to existing costs. The findings are a stark contrast to an earlier promise that the government would cut at least £10bn in red tape for small businesses over the next five years. Earlier this year, it was reported that small enterprises in Scotland and other lower paying areas would be the most affec... »