Chancellor Rachel Reeves announced a significant tax increase, primarily through National Insurance hikes, amounting to £40 billion, which could hinder pay rises and job creation.
Reeves acknowledged that the rise in National Insurance was 'difficult', but defended it as necessary for funding public services and ultimately for driving economic growth.
Businesses have expressed concern that the increased costs, alongside rising minimum wages and business rates, could stifle the broader goal of growing the UK economy.
The burden of tax hikes will vary; major corporations might absorb the costs, but smaller businesses are likely to feel a much harsher impact.
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