Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Hairdressing Industry Braces for Minimum Wage Increase Impact

by February 12, 2024
February 12, 2024
Hairdressing Industry Braces for Minimum Wage Increase Impact

The hairdressing and beauty sector is preparing for potential upheaval, with warnings of salon closures and job losses reverberating throughout Britain.

Toby Dicker, co-founder of the Salon Employers Association, representing over 1,400 businesses nationwide, emphasized the industry’s inability to absorb escalating labor costs and taxes. Dicker stated, “We are on the brink of collapse, and the forthcoming labor cost hikes in April could be the final blow.”

Following a decision by Jeremy Hunt to raise the national living wage to £11.44 an hour, approximately three million low-paid workers are set to receive nearly a 10% pay rise this spring. This move has prompted concerns from various sectors, including the hairdressing and beauty industry, which is already grappling with the impacts of the pandemic and shifting consumer spending habits amidst soaring living costs.

The National Hair and Beauty Federation’s May report highlighted the fragility of the sector’s recovery, with a significant number of businesses experiencing losses and decreased apprenticeship intake. Notably, the industry workforce has dwindled from 122,000 in 2018 to 88,000 by 2022, indicative of mounting challenges.

In response to the impending wage increase, the Salon Employers Association has been advocating for government intervention, particularly in reducing VAT to 10% for the hair and beauty sector. This plea comes as part of broader efforts to alleviate financial strain on businesses burdened by escalating costs.

Dicker, alongside industry stalwart Errol Douglas, recently engaged in discussions with Conservative MP Nickie Aiken to address the sector’s concerns. An early day motion urging VAT reduction for hair and beauty salons was tabled in parliament on February 7, underscoring the urgency of the issue.

Expressing the gravity of the situation, Dicker emphasized, “Without government intervention, we face a wave of closures that will devastate local economies, impact young professionals entering the field, and leave countless individuals unemployed.”

In response, a Treasury spokesperson highlighted ongoing measures to support hairdressers, including a 75% reduction in business rates bills, worth £2.4 billion, and energy bill protections amid geopolitical tensions.

As the industry braces for the impending wage increase, stakeholders remain hopeful for proactive governmental action to safeguard the future of hairdressing and beauty businesses across the UK.

Read more:
Hairdressing Industry Braces for Minimum Wage Increase Impact

0
FacebookTwitterGoogle +Pinterest
previous post
Tony Danker launches ‘Growth Incorporated’ following CBI departure settlement
next post
How Bhanu Choudhrie and Alpha Utilities support the Middle East’s growing desalination demand

You may also like

Advancing Student Identity Validation in the Digital Age

May 22, 2024

Creating a Supportive Workplace for Recovering Alcoholics

October 17, 2023

First Electric Coach Service to be Trialled in...

February 27, 2024

US trade deal is not a win for...

May 9, 2025

Petrol Stations accused of overcharging drivers by £1.6bn...

July 26, 2024

Investigo appoints Derek Mackenzie as CEO to drive...

July 13, 2023

Former Kemi Badenoch advisor says conservative Government ‘does...

September 15, 2023

Manufacturing output weakest in eight months as interest...

August 18, 2023

Disney drops bid to use Disney+ contract to...

August 20, 2024

Why eCommerce Is Crucial for Wholesale Flower Distributors

February 23, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • How Modular Classrooms Are Supporting SEN Pupils with Calm, Comfortable Spaces

      July 31, 2025
    • Inside Biden confidante Steve Ricchetti’s ‘combative’ eight-hour grilling in House Oversight cover-up probe

      July 31, 2025
    • Bernie Sanders to force Senate vote on blocking arms sales to Israel

      July 30, 2025
    • New tech-focused MAHA initiatives will usher in ‘new era of convenience,’ improve health outcomes, Trump says

      July 30, 2025
    • Former Intel CEO Calls for a US Sovereign Wealth Fund

      July 30, 2025
    • A Response to Misinformation Criticism

      July 30, 2025

    Categories

    • Business (8,624)
    • Investing (2,162)
    • Politics (16,253)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved