AQW 17489/22-27

Ms Claire Sugden
Independent
East Londonderry

Tabled Date: 04/11/2024
Answered On Date: 13/11/2024
Priority Written: No

Question:
To ask the Minister for the Economy for his assessment of the HM Treasury Autumn Budget 2024 on businesses in Northern Ireland.

Answer:

The impact of the Budget will affect local businesses in a variety of ways, though the nature of that will depend upon the characteristics of each individual business, including its size, which sector it operates in and how it chooses to manage new arrangements around.

There are welcome benefits for workers as a result of the increases in the National Living Wage and National Minimum Wage. However rather than offsetting this increase in pay with a decrease in taxes, the Budget increases employer National Insurance contributions. At a time of high costs on businesses this will put many businesses under more strain.

My officials and I will continue to engage with local business stakeholders and consider the full detail of the announcements, as well as the possible implications for the North’s economy, in the context of my economic plan.