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In the Budget, the Chancellor announced that National Living Wage will rise from £8.21 currently to at least £10.50 by 2024.
Martin Jones, partner at our London office comments: “Increasing the already aggressive targets for the National Living Wage will add to the cost burden on restaurants and pubs that are already struggling to make ends meet.”
“Wages are often the largest overhead restaurants and pubs face and this measure increases that overhead even further.”
“In some cases, this rise in costs could push businesses towards insolvency.”
“However, it is not all doom and gloom for the restaurant and pub sector. The abolition of business rates for small businesses, with a rateable value of up to £51,000, will provide welcome relief by reducing the amount of tax that has been paid – freeing up cash for spending on operations.”