Thomson Snell & Passmore comments on the Autumn Budget and Spending Review 2021

Ben Stepney, Partner in our Employment team comments:

“As anticipated the minimum wage will be increased from £8.91 to £9.50 an hour. Employers will have until April 2022 to prepare for this increased cost. Employers will need to review pay for not just employees currently on under £9.50 an hour, but also those in the next pay grade(s) up, to consider whether they too should be given a pay rise, to maintain a differential between the grades.”

Alisa Sweeney, Partner and Head of our Food and Drink sector team comments:

“Our clients in the hospitality industry have had a really tough time with the pandemic and it is great to see some tax measures being implemented with a view to providing them with some financial support”

Oliver Butler, Senior Associate from our Food and Drink sector team comments:

“With various rising costs across the sector, including rises in VAT (for hospitality), and the impending end to the moratorium on rent claims, the food and beverage and retail sectors will very much welcome a reduction in business rates which, even pre-pandemic was inhibitive to many businesses.

The reduction in the duties on alcohol will only be likely to have a benefit to larger corporations rather than the smaller independents but any reduction is likely to be welcomed.”