Rain Newton-Smith, CBI Chief Executive, stated, "This is a tough Budget for business. While the Corporation Tax Roadmap offers stability, the NICs increase and other cost hikes will hurt businesses, making it more costly to hire or raise wages." Newton-Smith highlighted the importance of private sector investment and urged the government to collaborate with businesses to unlock potential investments in infrastructure and green energy.
Muj Choudhury, CEO of RocketPhone, voiced concerns about CGT changes, saying, "This reform sends the wrong message as we try to establish the UK as a global AI hub. Increasing CGT creates barriers for tech entrepreneurs, who are already hesitant given rising taxes and costs." Choudhury emphasized the negative impact on sectors that rely on high-risk capital for early-stage growth.
Todd Davison, MD of Purbeck Personal Guarantee Insurance, cautioned that the rise in NICs could be "a fatal blow" for small businesses, emphasizing the significant challenges they face in adapting to increased costs and financial strain.
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