One in five firms intend to sack staff as a direct result of the rise in employers' national insurance, according to a British Chambers of Commerce survey, echoing research carried out for Accountancy Age.
Accountancy Age, 31 Mar 2003
The rise, 1% on the rate but an effective 10% increase in payments, was announced last year and takes effect from 6 April.
At the beginning of March Accountancy Age published findings which showed that one in four firms could be forced to cut recruitment as a result of the hike in the tax.
The BCC research comes just days away from the increase taking place but also found that, among SMEs, the numbers of companies saying they will have to take action to cut costs climbed to one in three.
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