Increases to the national living wage, minimum wage and employers’ national insurance contributions (NIC), as well as the reduction in NIC thresholds, has added considerable costs for firms, with almost one in five fearing their business could fail this year.

According to a new survey of more than 200 businesses, concern about business failure within the region’s tourism sector has more than doubled - from just 8pc during the staycation boom of 2022 to 19pc today.

More than seven million people visit the Broads each year (Image: Richardsons Leisure) For an industry that heavily relies on seasonal and part-time staff, April's increase to the national minimum wage has significantly increased overheads.

UK Hospitality, the industry's national trade body, has calculated that the average cost per full-time employee will rise by £2,500 each year - increasing 18pc for employees under 18, and 16pc for those aged 18 to 20.

It has resulted in 55pc of businesses saying they plan to raise their prices, and a quarter considering reducing their headcount.

More than half of businesses plan to put their prices up this year and over a quarter are considering reducing staff (Image: Larking Gowen) Unfortunately for staff, a further quarter of businesses do not intend to increase salaries above the statutory minimums.

“For 2025, we face the challenges of free-flowing legislation and government policy that really isn’t helping our sector,” said Chris Scargill, who heads up Larking Gowen’s tourism, leisure and hospitality team, which conducted the survey in........

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