UK business leaders warn that Labour's £25 billion National Insurance tax hike could harm growth and hiring.

The UK's Confederation of British Industry (CBI) warns that Labour's recent £25 billion tax increase on National Insurance will hurt business growth and hiring. CBI head Rain Newton-Smith argues the tax hike undermines investment and job security, especially in sectors like retail and hospitality. Chancellor Rachel Reeves defends the measures, stating they are necessary for boosting investment and competitiveness. Despite criticism, Reeves is expected to maintain her stance on the tax increases.

November 25, 2024
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