Rachel Reeves is planning one of the largest tax increases in history during her Autumn Budget on 30 October. The most vulnerable tax hikes are thought to affect National Insurance and income tax, stealth taxes and wealth taxes along with spending cuts. This plan has raised significant concerns among business leaders and economists regarding its impact on employment and economic growth.
Laura Trott, the shadow Treasury Minister, warned Labour's plans to increase National Insurance contributions will lead to a "bonfire of jobs right across the country. Their proposals come with severe implications for the workforce, particularly for the most vulnerable sectors.
Kwasi Kwarteng criticized the government’s tax hikes, claiming they contribute to a 'doom-loop' where increasing taxes stifles growth. He argued that without growth, the government's reliance on tax increases will only lead to further economic stagnation.
Tina McKenzie from the Federation of Small Businesses pointed out that hiking taxes on small firms is detrimental, suggesting it could lead to cuts in pay, hours, and jobs. She emphasized that the focus should be on reducing taxes on work instead.
Collection
[
|
...
]