Nov 26, 2024, 10:30 PM
Nov 26, 2024, 12:00 AM

Rachel Reeves promises no more tax increases amid fierce backlash

Highlights
  • Rachel Reeves made a tax commitment at the CBI conference amid criticism of her budget.
  • The IFS think-tank expressed concerns about the government's spending plans being optimistic.
  • Business leaders are frustrated and urged the government to reconsider its fiscal strategy.
Story

In a recent appearance at the CBI conference in the UK, Chancellor Rachel Reeves made a commitment that drew significant criticism from both business and political opponents. She stated that she would not raise taxes again while addressing concerns regarding her £40 billion budget, which has faced backlash for placing a heavy financial burden on citizens. Major firms expressed their dissatisfaction, indicating that the increase in employer national insurance is likely to lead to job losses and inflation. Additionally, the IFS think-tank has warned that the government's fiscal plans appear overly optimistic and restrictive. As a result, business sentiment is faltering, and many companies are altering their recruitment strategies to prioritize damage limitation rather than expansion.

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