Fri, 17 Jan 2025

Next boss warns first jobs could become harder to find

Job prospects for younger workers are likely to be hit by Budget measures, Lord Wolfson tells the BBC.

* Lord Wolfson, CEO of Next, has expressed concerns that tax changes announced in the Budget will make it harder for people to enter the workforce.
* The National Insurance paid by employers is set to rise, with a lower threshold and higher rate, affecting businesses with large numbers of low-paid or part-time workers.
* Next's wage bill is expected to increase by £70m due to the tax changes, which Lord Wolfson says will lead to a cut in employee hours worked.
* He has called on the government to stagger the introduction of the tax changes over time, rather than introducing them in April.
* A Treasury spokesperson said that the measures are designed to "wipe the slate clean" and deliver stability to businesses.
* Next received 13 applications for every Christmas job vacancy this year, up 50% from last year, but Lord Wolfson warns that the tax changes could make it harder for people to enter the workforce.
* A British Chambers of Commerce spokesperson said that confidence had "slumped", with over half of companies planning to raise prices in response to rising costs and taxes.
* Retail sales volumes fell 0.3% in December, driven by a poor month for food sales.
* The chancellor defended the Budget measures as "difficult decisions" but "the right decisions in the national interest".
* Lord Wolfson also expressed concerns about a new workers' rights bill that could make it harder for retailers to offer flexible working arrangements.
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