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

As wealthy Americans flee Trump’s chaos Britain is...

May 3, 2025

Generative AI needs an ethical reboot finds new...

December 5, 2023

Members of ‘pension liberation scheme’ lose tax case

March 28, 2023

British space companies aim for the stars with...

July 8, 2024

Specifics of Australian Online Sports Betting: Kinds of...

June 19, 2024

Darktrace on a high amid escalating cybersecurity concerns

April 12, 2024

Lawyers Admit to Overbilling Clients in Anonymous Poll

April 11, 2024

No Deposit Casino Bonus: Hidden Terms to Look...

May 16, 2025

Elevating Your Project Success With A Dedicated Developer

May 20, 2024

Prosecutions of tax evasion enablers fall 75% in...

March 31, 2025

    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

    • Don’t Overlook This Lagging Industry; I Believe It’s Set To Explode!

      July 6, 2025
    • Iran still wants a nuclear weapon despite ‘serious damage’ from US, Israeli strikes: expert warns

      July 6, 2025
    • Democrats project doom and gloom, not celebration, with July 4 messages

      July 5, 2025
    • Xi Jinping’s surprise no-show at BRICS Summit fuels speculation about China’s global standing

      July 5, 2025
    • Tesla sees UK sales rebound in June as EV market accelerates

      July 5, 2025
    • Hived raises $42m to roll out electric delivery fleet across southern England

      July 5, 2025

    Categories

    • Business (8,397)
    • Investing (2,102)
    • Politics (15,948)
    • Stocks (3,191)
    • 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