22 March 2022
Latest NHBF update – 22 March 2022
This week’s update covers:
- Bank of England raises interest rate
- NHBF Spring statement – support for the Hair & Beauty sector
- NHBF submission to the Economy and Fair Work Committee inquiry into Town Centres and the new realities of Retail and E-Commerce
- The Coronavirus Statutory Sick Pay Rebate Scheme
- Donating sales to Ukraine relief
- Free training and employment schemes
- Footfall in city centres recovers
- Labour market data
- Northern Ireland: Murphy encourages businesses back to the high street
Bank of England raises interest rate
Interest rates have increased for the third time in four months as the Bank of England tries to calm the rise in the cost of living.
The rise from 0.5% to 0.75% means rates are now at their highest level since March 2020.
NHBF CEO Richard Lambert says: “Salons and barbershops are still recovering from the economic challenges left by the pandemic. With the increase in the cost of living, our Members, like the rest of the country, are feeling the pressure. We urge the government to do more to help small businesses recover.”
NHBF Spring statement – support for the Hair & Beauty sector
The NHBF is positive that the sector will show further signs of recovery in the spring but businesses need help to get there.
Read NHBF Spring statement letter to the Chancellor.
NHBF submission to the Economy and Fair Work Committee inquiry into Town Centres and the new realities of Retail and E-Commerce
The importance of supporting hair and beauty businesses across Scotland.
Pre-Covid, barbers, beauty salons and nail bars showed the highest growth in the top three retailer categories1 . These businesses are key to underpinning communities from town centres to city centres, out of town retail parks and villages across Scotland.
Read NHBF submission to the Scottish Parliament Economy and fair work committee.
The Coronavirus Statutory Sick Pay Rebate Scheme
The Coronavirus Statutory Sick Pay Rebate Scheme that helped employers claim back employees' Statutory Sick Pay related to COVID-19 has now ended. Employers have until Thursday (24 Mar) to put in their final claims under the scheme.
To check if you are eligible, click here.
For Members-only, this guide provides information on how important it is to have procedures in place to deal with employees who are absent from work because of sickness, injury or any other reason.
Donating sales to Ukraine relief
If you as a small business wish to donate a portion of your business's sales to help humanitarian relief efforts in Ukraine, one way to do so is to set up an agreement with a registered and reputable charity via Work For Good's site, which streamlines the process.
Free training and employment schemes
The Government is urging businesses to "join the skills revolution", and prepare for economic recovery by skilling up their workforce. Businesses can find the right training and employment scheme for them by visiting a dedicated website.
Footfall in city centres recovers
The Centre for Cities said in February that average footfall in the UK's 63 major city centres has reached its highest level since the pandemic began. Among the UK's largest cities, Newcastle, Liverpool, and Sheffield experienced the highest levels of weekday footfall, however London was by far the slowest to recover, with only 57 percent of pre-pandemic weekday traffic.
Labour market data
New data from the Office for National Statistics show that real wages are stagnating. Earnings are not growing fast enough to keep up with surging inflation, and even where pay has risen, this may be a reflection of longer-run effects of the Covid-19 crisis.
Although the number of vacancies is at a record high, real wages are stagnating, analysis by the Economics Observatory has found.
From 1 April 2022, the National Living Wage will increase to £9.50 from £8.91, and the National Minimum Wage will also increase across the various age groups. Apprenticeship pay will go up from £4.30 to £4.81. Get full details here.
Northern Ireland: Murphy encourages businesses back to the high street
Finance Minister Conor Murphy today launched a revamped, more generous ‘Back In Business' scheme offering businesses a 50% rates discount for up to two years if they occupy a vacant shop unit.
The Finance Minister hopes the scheme will give business owners who set up in empty premises help to get established in the first two years. “This rate relief scheme will help attract businesses onto the high street and into our town centres. This revamped scheme builds on the rate relief previously offered, and extends the relief for an additional year. This will be vital in boosting post pandemic footfall for all businesses, new and existing, and will help restore the vibrancy of the high street as shoppers, tourists and workers return to the town centres.
“I have seen the effects of the pandemic during visits to town centres in recent months and I hope this scheme will support the regeneration of our high streets, building up business occupation in these areas.”
Further information on the Back in Business scheme, can be found at: www.nibusinessinfo.co.uk/backinbusiness. The scheme will open for applications in May.