Treasury Minister: Big Business Must 'Suck it Up' Over Budget Tax Hikes

Treasury Minister's Stance

Treasury Minister Darren Jones has made it clear that big businesses will have to face the consequences of Budget tax hikes without any extra help. The move comes after a significant £25 billion blow to firms last month.

Impact on Companies

Tesco, for example, is looking at a whopping £1 billion increase in employer national insurance contributions until mid-2029. This surge in costs could potentially result in job cuts and price increases as companies navigate the financial strain.

Struggles in Specific Industries

The burden of these tax hikes is particularly heavy on supermarkets and the hospitality industry, known for employing a large number of lower-paid workers. These sectors are feeling the pinch as they try to absorb the increased costs.

Government's Stance

Despite the challenges faced by larger firms, Treasury Minister Darren Jones emphasized that the government's focus remains on supporting small businesses and working individuals. Jones defended the tax measures, stating that they are beneficial for business, growth, and the overall economy.

Chancellor's Tax Raid

Chancellor Rachel Reeves instigated a significant £40 billion tax increase during the Budget, with a substantial £25 billion of that burden falling onto businesses through the national insurance rise. This move has left companies, especially those employing a larger number of lower-wage workers, grappling with the financial repercussions.