Businesses and MPs sound the alarm
Rachel Reeves is facing criticism for planning one of the biggest tax-hiking Budgets in history, with businesses and MPs warning of job losses, lower wages, and higher prices. The Chancellor aims to raise an eye-watering £40 billion through levy increases and spending cuts, affecting income tax, National Insurance Contributions, inheritance tax, and fuel duty.
Panicked bosses warn of 'triple whammy'
Business chiefs and economists are expressing concerns about the impact of the planned tax hikes, with fears that it will lead to a "bonfire of jobs" across the country. The government's fiscal watchdog, the Office for Budget Responsibility, is expected to highlight the consequences of the rise in National Insurance Contributions on wages and prices.
Ministers in revolt over spending cuts
Several Cabinet members, including Angela Rayner, are reportedly in revolt over the required spending cuts, with concerns about the harsh settlements imposed by the Treasury. There are fears that ministers could resign due to the challenging financial decisions they are facing.
Rachel Reeves under pressure
Rachel Reeves is under pressure to address the financial challenges left by the previous government, with the need to increase taxes and cut spending to stabilize the country's finances. The tough decisions are causing discontent among Cabinet members and could lead to significant implications across various departments.
