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What issues will affect businesses in 2017?

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What issues will affect businesses in 2017?

A minimum price for alcohol, general data protection regulation, water deregulation and an increase in the National Living Wage are four of the hurdles that businesses will have to face in 2017, according to purchasing company Beacon.

1.    Minimum alcohol pricing
Plans to set a minimum price for alcohol has been backed in Scotland and Beacon predicted that, if rolled out in 2017, then England will be quick to follow suit. If passed, a price of 50p per unit of alcohol will be implemented. This will pose a challenge to pubs, bars and restaurants.

2.    General Data Protection Regulation (GDPR)
Following the UK’s decision to leave the EU, the rules surrounding GDPR are unclear, Beacon claims. GDPR applies to anyone that processes data. Once GDPR is implemented in the EU, it will be relevant for all businesses operating internationally and they will need to be aware of the changes.

3.    Water deregulation
In April the commercial water market will become deregulated. This will enable businesses in England to save on water and utility bills. Beacon advises that businesses collect all previous usage data, check efficiency and review old bills. By doing this, businesses will be able to generate savings when the deregulation comes to action.

4.    National Living Wage
The National Living Wage was set at £7.20 an hour for all working people aged 25 and over. during the Autumn statement, it was announced that this would rise to £7.50 per hour from April 2017. Implementations on businesses have been big, the increase equating to an average of £910 per year per full-time employee.

Paul Connelly, managing director at Beacon, said: “After 2016, a year that has seen uncertainty and market turbulence, we are looking forward to 2017, but understand that many businesses may be wary of what’s to come, with Article 50 still to be triggered and various changes to legislation being discussed. As we look ahead to the next 12 months, we expect a number of issues to affect the hospitality industry, and encourage business owners to speak to their suppliers to ensure that they are aware of not only the government’s plans, but also to ensure that costs can be managed despite potential fluctuations in the market.”

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