Budget News

The effect on businesses due to the increase in Employers' National Insurance Contributions in the recent budget is starting to show on the ground.  Employers warned that jobs would be lost and here is the proof that it is happening already; instead of a team of Elves to help him, Santa has had to let all but one of them go.

It's not just the Elves.  Under the contract arrangements agreed, reindeer are classed as employees so are liable to National Insurance Contributions.  In the circumstances they have all had to be made redundant, and Santa is having to rely on a simple buggy rather than his normal reindeer drawn sleigh.

It's not all bad news.  The initial rumour that the presents Santa gives to children would be liable for Inheritance Tax has proved incorrect.  A Government spokesman said "There is no truth in the rumour whatsoever.  However, I wish we'd thought of it and we'll see what we can do in the next Budget."