For all the pre-Budget leaks and commentary, when it came down to it there was little to boost business confidence or economic growth, writes David Crew, Managing Director of Somerset Chamber of Commerce.
And while calls for no more tax on business appeared to be heeded, businesses will face additional costs through pre-Budget announced increases to the National Living Wage and National Minimum Wage.
People are at the heart of every thriving business and employers want to ensure their workforce is happy, engaged and well paid. 
The Chancellor unveiled an 8.5 per cent rise in the hourly minimum wage for 18- to 20-year-olds – to £10.85 – as well as a 4.1 per cent rise for the living wage, for those aged 21 and over, to £12.71 per hour. Meanwhile, 16- and 17-year-olds, as well as those on apprenticeships, will see an increase of 6 per cent to £8 per hour.
Every above-inflation wage increase leads to higher business costs, lower investment and fewer opportunities for individuals. Making employment more expensive risks deepening the jobs crisis among young people.
Chamber research shows that labour costs remain the biggest cost pressure for SMEs, cited by 72% of businesses in Q3 of our economic survey. There’s a limit to how much additional cost employers can bear without something having to give.
However, there were a couple of positive points in the Budget which are to be welcomed.
The Chancellor announced there would be no training provider costs for businesses that hire apprentices under the age of 25 and unveiled a new ‘youth guarantee’ scheme designed to give more 18-21-year-olds access to an apprenticeship, training, education opportunities or help to find a job.
Businesses consistently tell us they are struggling to recruit the right staff with the right skills and anything that will help the next generation be business-ready is good news.
There was also some relief for more than 750,000 retail, hospitality and leisure properties, with the Chancellor promising to introduce “permanently lower tax rates”.
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