Chancellor Rachel Reeves’s first Budget delivered some harsh news for businesses but offered some hope for high street retailers by committing to a rebalancing of the business rates system over time. From April 2025, the National Living Wage will increase by 6.7% from £11.44 to £12.21 per hour, with the National Minimum Wage (18-20 rate) to rise by £1.40 per hour to £10 – the largest increase on record. Employers’ National Insurance contributions are to rise from 13.8% to 15% from April 2025, with the threshold for employers’ contributions falling to £5,000 per year. However, the Employment Allowance for small…