Restaurants and pubs have suffered huge job losses after Rachel Reeves’s tax raid on businesses, bosses have said.
The hospitality industry has lost more than 108,000 payroll jobs over the last year, according to official figures published yesterday, with retail and wholesale down more than 65,500.
Industry body UK Hospitality said the sector has lost 84,000 jobs since last year’s Budget, when the Chancellor hiked National Insurance contributions (Nics) and the minimum wage.
The sector’s total job losses since the Budget has risen by 13,000 jobs in a month, the organisation said, which accounts for nearly half – 45% – of all job losses.
Kate Nicholls, chair of UK Hospitality, told The Telegraph: “These devastating job losses are a direct consequence of policy decisions at last year’s Budget, which have disproportionately hit the hospitality sector."
She added: “We desperately need to see action at the upcoming Budget. We urge the Government to act on our asks to fix NICs, by extending the existing exemptions to include both young people and people moving from welfare to work, which will boost jobs and help to reverse this huge loss.”
FTSE 100
The UK's flagship share index, the FTSE 100, was up eight-points at 8,980 shortly after opening this morning.
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Companies reporting today
- Bridgepoint Group: Half Year Results
- Burberry: Q1 Trading Statement