Triple Whammy for London business
23 November 2016
Caroline Artis, EY Managing Partner for London says:
As if forecasting for next year wasn’t hard enough for London business, with Brexit and the US election results to digest, the Autumn statement has added an unexpected rise in the minimum wage (from £7.20 to £7.50 an hour) together with a hike in employers national insurance and a restriction on using losses and offsetting interest costs. If you add the uncertainty around a supply of workers once we leave the EU it will be a tough few years for those businesses which employ high numbers of people in the Capital.
“Whilst City Hall declares that ‘London is open for business’ you have to wonder how many additional costs can be layered onto the London business community before they start to question whether the grass would be greener somewhere else “