BusinessCompany NewsIoD predicts Black Sunday

IoD predicts Black Sunday

The Institute of Directors says Sunday, 6 April will be a black day for UK businesses with the introduction of what it calls 'time consuming red tape and an ever increasing tax burden'.

Link: Employees pessimistic about new rights

The day will see the introduction of increased National Insurance Contributions, changes to tax credits as well as new flexible working rights for parents.

Ruth Lea, head of policy at the IoD, said in a paper called 6th April: A Black Day for Business that companies would be faced with a ‘triple whammy of extra regulations and higher taxes’.

She said the new flexible working rights would ‘hurt businesses, cause resentment in the workplace and are redolent of discredited 1970s feminist ideology’.

She added: ‘British employers are ahead of the work-life balance agenda. More legislation is quite simply unwarranted.’

Regarding the NIC increases, the IoD claims only 23% of businesses will be able to fully absorb the costs, with the rest being forced to reduce staff, curtail recruitment and hold down wage increases.

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