Debt management news: Rising business costs could bring unemployment

19/01/2010

Personal debt could be come a problem for thousands of Britons as new tax and employment regulations could lead to widespread unemployment.

This is according to a new report from the British Chamber of Commerce (BCC) which has said that the upcoming employment regulations and taxes will cost UK businesses £25.6 million.

The organisation has revealed that a National Insurance contributions increase of one per cent will come at a cost of £14 billion to businesses.

Pensions Reform, the Agency Workers Directive and the Equality Bill will make up the further expenses.

David Frost, director general of the BCC, said: "From what employers tell me, they will get on with creating jobs and wealth, but they simply need government to get off their backs and let them do it.

"A good start would be to abolish the planned increase in National Insurance in 2011 - it’s a tax on jobs and will hinder recovery."

Tags; Income Worries and Debt,

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