Budget 2024: Businesses in Yorkshire react to rise in taxes and wages

Sophie Mei Lan Malin asked businesses in Yorkshire for their views.

Transcript

00:00It's a massive stretch on our industry. We don't know when to staff people anymore.

00:05We don't know when the places will be busy or quiet.

00:08But ultimately, any increase would increase inflation at the moment.

00:12It's just a killer for all our business.

00:15It's a good thing. It's going to cost companies a lot more money.

00:20But I think they're taking Robin Peter to PayPal all the way through.

00:25And they're hitting the wrong people, they're hitting the rich, the high-tax earners.

00:29Perhaps that will help very quickly in the short term the government.

00:35However, I believe that we need to look at a bigger picture

00:39and how this perhaps may impact indirectly other things.

00:44So I believe that if national insurance contributions from employers would go up,

00:49then yes, in short term it can help the government to raise more money to public funds.

00:56However, it could potentially mean that the employers will not have enough money to employ more people,

01:04which then the people that work for them may be affected

01:08in a way that they will be obviously more stressed with work, stress, mental health issues, etc.

01:15So I believe the government needs to look at the bigger picture

01:19and how this can eventually impact the whole society and the whole country.

01:26What do you feel about national insurance contributions going up?

01:30It's another killer, isn't it?

01:32Just add to the pot and stretch the elastic band and it's going to snap at some point.

01:36Everybody in the industry is feeling it, it's not just ourselves.

01:40It's going to be a tough road ahead, yeah.

01:43What would you have liked to have seen in the budget?

01:47More help for ourselves.

01:49A definite understanding that the discount for the rates is going to remain,

01:55because if that increases that's another stretch on the elastic band and another snap.