Tesco faces £1bn national insurance hike amid price rise fears

Tesco is facing a £1billion increase in national insurance after Rachel Reeves raised employer contributions by 1.2 percentage points, with the bill based on an analysis by Morgan Stanley. The move is part of Chancellor Rachel Reeves’ plan to raise an extra £25 billion through the hike, leading to concerns in the industry about rising costs, potential job cuts, and companies trying to avoid passing the additional expenses onto consumers. From next April, employers will pay NI at 15 per cent on salaries above £5,000, significantly impacting major retailers like Tesco, Sainsbury’s, Asda, and Morrisons.

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