Businesses prepare to cut jobs due to Labour's budget plans
- Big retail chains warn that budget plans will lead to job losses and closures.
- Small business owners report similar concerns about the impact on recruitment and investment.
- Many entrepreneurs fear that these financial pressures will force them to downsize or shut down.
In recent weeks, significant concerns have been raised about the effects of Rachel Reeves's proposed budget in the UK, with both large and small businesses warning of dire consequences. Major retailers like Tesco, Next, and Marks & Spencer have highlighted that these budget plans could lead to job losses, increased prices, and potential shop closures. Small business owners, including Owen Morgan of 44 Restaurant Group, have expressed widespread alarm over how increased employer national insurance contributions and raising the minimum wage will impact their operations and recruitment efforts. Many entrepreneurs view Reeves's tax strategy as detrimental to business growth. As discussions continue, the worry grows that many companies may not survive the financial strain imposed by these policies.