Weekly Market Update - 11 April 2022

National Insurance Rise Starts To Hit Pay

Employees, businesses and the self-employed will pay an extra 1.25p in the pound. The government says it will spend it on health and social care. Opposition MPs said it exacerbated cost of living pressures, but mitigation will be introduced in July.

Experts are urging people to check their status as a new tax year starts. Earnings levels at which people start to pay income tax have been frozen, increasing the chances of employees being dragged into a new band - with a higher rate of tax - if they receive a pay rise.

Source: BBC

Oil Giant Shell To Take £3.8bn Hit

Fuel had the biggest impact on the inflation rate, with average petrol prices rising by 12.6p per litre between February and March, the largest monthly rise since records began in 1990, the Office for National Statistics (ONS) said.

This compares with a rise of 3.5p per litre between the same months of 2021. Diesel prices also rose by 18.8p per litre this year, compared with a rise of 3.5p per litre a year ago.

Source: BBC

Tesco Staff To See Pay Rise To £10.10 An Hour

The UK's biggest private employer said staff wages will rise by 55p, up from £9.55 an hour, from 24 July. Meanwhile, its delivery drivers and click and collect assistants will get a 90p increase to £11 an hour.

Tesco's move brings it in line with Lidl and Aldi, which became the UK's highest-paying supermarkets this year with the same hourly rate. Union Usdaw said Tesco's pay rise was "testament" to the hard work of staff at what it said was a "difficult time".

Source: BBC