NHBF Business Update –Tuesday 05 March 2024

Bank of England announces His Majesty King Charles III banknotes issuance date

Starting from 5th June, banknotes carrying a portrait of the King will be issued for the first time. The new banknotes will feature the portrait of the King on existing designs of all four banknotes (£5, £10, £20, and £50). There will be no other changes to the existing designs. The polymer banknotes that have the portrait of Her late Majesty Queen Elizabeth II will still be legal tender and will coexist with King Charles III notes. The new banknotes will only be printed to replace worn-out banknotes and to meet any overall increase in demand for banknotes. The NHBF has recently become a strategic partner of the Bank of England’s Banknote Checking Scheme. This partnership aims to help small

businesses avoid counterfeit banknote fraud.

National Careers Week

National Careers Week (NCW) is a celebration of careers guidance and free resources in education across the UK. This year the NCW runs from 4^th – 9^th March. The aim is to provide a focus for careers guidance activity at an important stage in the academic calendar to help support young people leaving education.

The NHBF has a wealth of guidance and factsheets for young people who are looking for a career in the creative world of hair and beauty. Check out of resources page for tips and information on how to begin your journey in the hair and beauty sector.

Companies House fees Increasing

Starting from 1st May, Companies House is raising the fees for some of its services. The cost of same-day incorporation will increase from £30 to £78. Similarly, the price of a paper confirmation statement will rise from £40 to £62. The digital incorporation fee for a limited liability partnership or a company will increase from £10 to £50. For a complete list of the new fees, you can visit the Companies House website.

Low Pay Commission UK Visits 2024

The Low Pay Commission (LPC) is an independent statutory Non-Departmental Public Body set up under the National Minimum Wage Act 1998 to advise the Government on the National Minimum Wage (NMW).

They are on the lookout for companies that might be interested in speaking to the commissioners about the impact of minimum wages on their business.  From 1 April 2024, the minimum wage will be increased to £11.44 for those over 21-year-olds which is nearly a 10% increase from last year.  There are also adjustments for other age groups as shown in the link here.

How will the latest announcement affect your business planning?  How would you respond to the rising NMW?  LPC is also interested in talking to companies that are trying to raise their productivity, to showcase their learning journeys in their communication platforms.  The oral evidence given by the companies will be collated along with the research statistics for LPC to make their yearly recommendations to the government about the minimum wage.

If you would like to speak to the LPC Commissioners and bring up issues pertinent to your sector, please refer to the table of visits below and contact Rosina Robson for the NHBF.

Visits Schedule

Campaigning for you – Low Pay Commission

The Low Pay Commission has published the report of evidence that they relied on to recommend the rates of the National Minimum Wage to the Government, including the National Living Wage, from April 2024: Low Pay Commission 2023 report.

The NHBF gave comprehensive written evidence through our quarterly State of the Industry surveys including a wages survey and Careers at the Cutting-Edge skills report. We also met with the LPC and gave oral evidence in the summer of 2023, put forward our case and answered questions. NHBF is quoted 11 times in the report including the fact that we were the only organisation both in the sector and wider economy to call for delayed increases to wage rates.

The LPC use a range of labour market data and evidence in their report. Their reasoning for putting up wage rates (in line with promises made in the current government’s manifesto) is despite low growth the labour market seemed resilient. The LPC listened to the concerns of small and micro businesses in particular however, their view was that the increase would not significantly risk employment prospects.