The chancellor acknowledged that her budget could lead to smaller pay rises for workers, highlighting the financial strain on businesses that might affect economic growth.
Reeves emphasized that while raising businesses' National Insurance contributions was a difficult decision, it was necessary to alleviate public finance pressures and foster economic stability.
The OBR estimates that a significant portion of increased tax costs from businesses will be transferred to employees and consumers, impacting wages and prices.
Despite concerns over reduced wage increases, the International Monetary Fund supported the budget's focus on sustained investments in public services and responsible revenue generation.
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