Rachel Reeves has admitted that as a result of the decision to increase National Insurance, workers will most likely receive lower pay rises. She stated, "I said that [National Insurance hike] will have consequences. It will mean that businesses will have to absorb some of this through profits and it is likely to mean that wage increases might be slightly less than they otherwise would have been." This highlights the anticipated impact on both businesses and employees.
Former Chancellor Jeremy Hunt warned that life is going to get tougher for ordinary people post-budget. He asserted, "We are going to have lower living standards, we are going to have higher prices, fewer jobs, more expensive mortgages, life is going to get tougher for ordinary people." Hunt's remarks reflect growing concerns about economic stability and living conditions.
Hunt criticized the Chancellor for not being transparent about the tax increases before the election, remarking, "If she had wanted to do this, before the election she should have said so, we could have had this debate." This sentiment reveals the mistrust brewing among the public regarding the government's pledge on tax.
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