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Keyword: employmentlevels

Tax burden 'will cost factory jobs'

10/05/2002 6:54:46 PM PDT · by dgallo51 · 3 replies · 144+ views
opinion.telegraph.co.uk ^ | 27/09/2002 | By David Litterick

More than half of UK manufacturers will axe jobs next year as a response to the Government's tax rises, the Engineering Employers' Federation warned yesterday. A survey of its members revealed that the 1pc increase in National Insurance Contributions (NICs) announced by the Chancellor in the Budget would also lead to an increasing number of firms moving production abroad. The increase in NICs will be levied from next April. Some 53pc of the 1,000 companies surveyed said they would reduce their employment levels, 54pc said future wage increases would be lower, while 32pc said they would transfer costs abroad. In...

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