Britain’s 4 largest grocery store chains face paying an additional £200m in nationwide insurance coverage contributions between them because the chancellor prepares to boost tens of billions of kilos from a raid on companies.
One analyst stated the £200m determine was “a credible estimate” given the dimensions of the grocers’ collective workforces within the UK.
They added that Tesco, which employs roughly 300,000 folks in Britain, might pay roughly £75m alone extra in employer NICs.
Between them, the quartet make use of greater than half one million folks within the UK.
The supermarkets could be among the many companies most-affected by a two proportion level improve in employer nationwide insurance coverage contributions – a rise which has been broadly trailed in current days and on which the Treasury has declined to remark.
In an article for The Instances final week, Stuart Machin, chief government of Marks & Spencer, urged the chancellor to not improve taxes, calling them “a short-term, easy fix”.
“M&S is one of the biggest taxpayers in the UK, contributing £480m to the Treasury,” he wrote.
“But once I hear about plans to extend nationwide insurance coverage, a tax with no hyperlink to revenue which hits greater employers like us and our smaller suppliers, I am involved.
“The chancellor was right in the past to call national insurance a tax on workers.”
