10 sources·Business

Chancellor Reeves Faces Industry Backlash Over Tax Increases

Chancellor Rachel Reeves' recent tax hikes spark backlash from business leaders, with significant implications for hiring and investment in the UK.

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Updated: Nov 25th, 2024, 2:27 PM ET

Summary

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Chancellor Rachel Reeves' October budget faced criticism for its tax increases, particularly impacting the aviation sector and national hiring strategies. Critics, including Virgin Atlantic CEO Shai Weiss, labeled the measures a 'tax on growth.' The Confederation of British Industry warned that half of UK businesses foresee job cuts, with two-thirds reconsidering hiring plans. National Insurance hikes and rising minimum wages have underscored a growing conflict between government fiscal policy and business operational capabilities. Industry leaders urge the government to reassess its approach to enable sustainable growth and investment.

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