New UK tax and regulatory measures 'risks accelerating a downward spiral in retail jobs' with 7,000 part-time in Northern Ireland under threat

The introduction of new UK tax and regulatory measures risk putting 7,000 part-time jobs in retail in Northern Ireland under threat over the next three years according to the Northern Ireland Retail Consortium.

It follows a new analysis by The British Retail Consortium of the impact on the UK retail industry from upcoming changes to employment policy including the hike in employers’ national insurance contributions unveiled in the recent UK Budget.

Neil Johnston Northern Ireland Retail Consortium, said: “The UK Budget’s swingeing increase in employers’ national insurance contributions will add £100 million a year to retailers’ outgoings in Northern Ireland. Given retail’s paper-thin profit margins this is the equivalent of having to sell more than a £1 billion of goods each year to offset the cost and maintain margins.

“This risks accelerating a downward spiral in retail jobs. Recent figures have shown that 7,000 retail jobs have been lost over the past five years – these new additional costs will make a bad situation worse.

These expensive statutory costs will tighten the fiscal screws on the industry in 2025 and cannot simply be absorbed. This will have consequences for staffing levels including part-time and entry level roles, for commercial investment, and for prices charged to customers.”