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Companies 'pause' hiring and investment ahead of budget

Companies 'pause' hiring and investment ahead of budget

 


Prime Minister Keir Starmer warned the budget would be “painful” as the government acknowledged some tax rises.

This will be the government's first big opportunity to prioritize spending and taxation, but it comes against a backdrop of rising debt, rising interest rates and inflation that has only recently returned to normal levels due to the pandemic.

Debate is growing over which tax rises Prime Minister Rachel Reeves will announce, with the Government promising not to increase the burden on “working people” and ruling out any increases to Value Added Tax (VAT), National Insurance or Income Tax.

News of a capital gains tax increase was reported. This is levied on profits made from the sale of assets that have increased in value, such as a second home. Other options for the chancellor include reducing tax relief on pensions and increasing fuel duty.

It is also unclear whether Labour's pledge not to increase national insurance applies to the component of tax paid by employers, after Sir Keir dodged a question from Conservative leader Rishi Sunak at Prime Minister's Questions this week.

Adrian Hanrahan, managing director of chemicals exporter Robinson Brothers, said the increase in National Insurance contributions for employers was just “another tax on businesses”.

“I feel like as a manufacturing company in this country we are sitting ducks because of taxes. We can’t move anywhere so we are easy prey,” he told BBC Newsnight.

Mr Hanrahan also criticized parts of the government's employment rights legislation, particularly the proposed nine-month probationary period for new staff.

“If this is a government of growth… this will not help us grow in any way in the future,” he said.

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