British Businesses Say Budget Tax Hikes Will Cut Jobs and Investment
- Chancellor of the Exchequer Rachel Reeves lifted payroll tax
- Firms with lots of part-time staff face sharp rise in costs
Reeves’ budget included measures to protect the UK’s smallest businesses with a relief that it said would mean 865,000 employers paying no national insurance.
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British businesses have warned they will hire fewer people and cut back on investments after the Labour government raised taxes by £40 billion ($52 billion).
Chancellor of the Exchequer Rachel Reeves ruled out direct tax hikes on workers ahead of Wednesday’s budget, leaving companies and shareholders on the hook for most of the extra revenue.