The minimum wage will increase by 4% in April with even bigger increases for younger workers, under plans announced in the Budget on Tuesday. Over-21s will see their minimum wage rise by 50p to £12.71 an hour while, for those aged between 18-20, it will rise by 85p to £10.85 an hour. For 16 and…
Office vacancy rates in central London are falling, pointing to a recovery in demand for workspace after the pandemic. But the rebound is uneven, with companies increasingly favouring newer, high-quality buildings while older offices struggle to attract tenants. In the City, vacancy rates have dropped to around 9.2 per cent, a five-year low, according to…
The Office for Budget Responsibility lowered Britain’s productivity forecasts from 1.3% to 1% in the latest Budget, a downgrade which could cut £16bn from the economy by 2030. Productivity growth for 2025 has been downgraded by 0.3 percentage points from the OBR’s March report to 1.0 per cent, implying slower supply-side expansion and weaker revenue…
The cap on the salary sacrifice scheme will weaken saving incentives for young workers. Rachel Reeves has imposed a cap on salary sacrifice schemes in a move that will raise £5bn for the Treasury in 2029 when it comes into place, according to the Office for Budget Responsibility. “Salary-sacrificed pension contributions above £2,000 will be…
