‘2025 Budget may be breaking point for London businesses’

Businesses across London have been reacting to the measures announced by Chancellor Rachel Reeves in Wednesday’s Budget.

One of the biggest talking points is that the lowest-paid workers will get higher wages from April. Those aged 18-20 will see the minimum wage rise 85p to £10.85 and over-21s will be paid £12.71, up 50p.

Businesses operating in properties valued above £500,000 will pay higher business rates, which is one of the concerns raised by companies operating in the West End.

Ros Morgan, Heart of London Business Alliance’s chief executive, said: “The reality is businesses have been hit really hard so with the wages increase, the National Insurance (NI) increase and now the business rates increase, it’s a triple whammy.”