UK businesses employing staff on minimum wage will see their costs jump by £2,367 per worker in 2025 due to pay increases and tax hikes announced in Rachel Reeves’ Budget, new analysis suggests.
With the overall tax burden set to hit a new record high, the chancellor’s decision to increase the rate of national insurance paid by employers – and lower the threshold at which it is paid – will make it more expensive to employ lower-paid workers, according to a think-tank.
