The cost of Brexit
What a difference a year makes! It is amazing to think that just twelve months ago we were listening to a bullish statement from Chancellor George Osborne (his first in a Conservative government), about how the deficit would be turned around to a £10bn surplus by 2019-20.
One year on, post Brexit and with Donald Trump as President Elect, the world is a very different place.
Chancellor Philip Hammond delivered a much gloomier verdict on the state of the public finances and announced that the economy was expected to be worse off to the tune of £122bn by 2021 – the cost of Brexit according to some commentators. Much of the recent economic and press coverage had focussed on so called ‘JAMs’ (those just about managing). On this evidence there seemed to be precious little jam to spread around.
Particularly of interest from a dental perspective was:
Employing staff will cost more
Two changes likely to affect almost all practitioners who are employers are the alignment of employer and employee thresholds for National Insurance Contributions and the increase in the National Living Wage, both of which will take effect from April 2017 and increase the costs of employment. Many NASDAL clients already pay their staff members more than the National Living Wage but those who don’t need to consider this.
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