Chancellor Rachel Reeves finally admits her National Insurance rise will hit working people
1 month, 3 weeks ago

Chancellor Rachel Reeves finally admits her National Insurance rise will hit working people

Daily Mail  

RACHEL Reeves yesterday admitted her bombshell Budget will squeeze the wages of millions of working people. But economists warned that most of her £25 billion raid on employer National Insurance would be passed on to workers through lower wages. Chancellor Rachel Reeves told MPs on Wednesday that she had protected workers by freezing direct taxes on their pay Economists warned that most of her £25 billion raid on employer National Insurance would be passed on to workers through lower wages. He said Ms Reeves had angered many who felt she had not lived up to the spirit of Labour's manifesto promises not to increase taxes for working people, adding: 'Many people thought this was a new Labour prospectus, not a traditional tax-and-spend prospectus, and they have woken up to a Chancellor who has given us the biggest tax-raising Budget in history. 'However much Labour tries to say their tax rises won't hurt ordinary families, the OBR and the Institute for Fiscal Studies say it's going to mean lower pay, lower living standards, higher inflation, higher mortgages.'

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History of this topic

Rachel Reeves is accused of 'outright falsehood' after claiming she protected 'working people' by not hiking their NI in her Budget
5 days, 7 hours ago

Rachel Reeves is accused of 'outright falsehood' after claiming she protected 'working people' by not hiking their NI in her Budget

Daily Mail  

Rachel Reeves was yesterday accused of ‘outright falsehood’ over her claims about Labour’s handling of the economy The Chancellor was mauled by former Bank of England official Andrew Sentance over her response to figures showing inflation climbed to 2.6 per cent in November, an eight-month high amid increasing evidence that the party is derailing Britain’s recovery. Ms Reeves claimed in …

UK economy shrinks again in another blow to Reeves, new figures show
1 week, 3 days ago

UK economy shrinks again in another blow to Reeves, new figures show

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Rachel Reeves said the figures were disappointing “We are determined to deliver economic growth as …

Business confidence tumbles to two-year low following Reeves’s raid on employers
2 weeks ago

Business confidence tumbles to two-year low following Reeves’s raid on employers

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Confidence among business leaders has …

Rachel Reeves brushes off business: Chancellor tells angry business chiefs nobody has any 'alternatives' to her massive Budget tax raid - despite half of firms warning of job cuts
4 weeks ago

Rachel Reeves brushes off business: Chancellor tells angry business chiefs nobody has any 'alternatives' to her massive Budget tax raid - despite half of firms warning of job cuts

Daily Mail  

A bullish Rachel Reeves today dismissed business anger over her monster Budget tax raid by insisting no-one has any better ideas. Chancellor Rachel Reeves acknowledged anxiety about the impact of the measures in her bombshell fiscal package as she was grilled at the CBI conference CBI chief executive Rain Newton-Smith insisted industries such as retail and hospitality have been pushed …

Job losses and price hikes inevitable, warn UK’s biggest firms in stark message to Rachel Reeves over Budget
1 month, 1 week ago

Job losses and price hikes inevitable, warn UK’s biggest firms in stark message to Rachel Reeves over Budget

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Price hikes and job cuts are inevitable following Labour’s Budget, business …

Rachel Reeves accused of covering up impact of National Insurance raid on workers
1 month, 2 weeks ago

Rachel Reeves accused of covering up impact of National Insurance raid on workers

The Telegraph  

The Chancellor has been accused of covering up the impact of her National Insurance raid on workers. While all tax policy changes are accompanied by an impact assessment known as a Tax Information and Impact Note, the Government did not publish one alongside the £25 billion National Insurance raid on employers announced in the Budget, it has emerged. Mel Stride, …

Pay growth slumps to near four year low
1 month, 2 weeks ago

Pay growth slumps to near four year low

The Telegraph  

Pay growth has slumped to its lowest pace since February 2021 as bosses warn Rachel Reeves’ Budget tax raid will hit hiring. Permanent wage growth dropped from 52.8 in September to nearly a four-year low of 52.5 in October, just before the Chancellor’s Autumn Statement, according to the KPMG and REC UK Report on Jobs index. Demand for staff fell …

Rachel Reeves is warned that women could be 'driven out of work' if nurseries hike their fees as a consequence of the Budget
1 month, 2 weeks ago

Rachel Reeves is warned that women could be 'driven out of work' if nurseries hike their fees as a consequence of the Budget

Daily Mail  

Women could be driven out of the workforce or have fewer children if nurseries hike their fees as a result of the Budget, the Chancellor has been warned. Industry leaders have warned Rachel Reeves that women could be forced out of the workforce by rising nursery fees Joeli Brearley, CEO and founder of Pregnant Then Screwed, said that the increase …

Is the backlash against Reeves’s national insurance hike justified?
1 month, 3 weeks ago

Is the backlash against Reeves’s national insurance hike justified?

The Independent  

It should probably come as no surprise that what the chancellor, Rachel Reeves, once described as “a tax on jobs” has turned out to be. In particular, the “secondary threshold” – the level at which employers become liable to pay national insurance on each employee’s salary – will come down from £9,100 per year to £5,000 per year. The health …

Budget 2024: Rachel Reeves faces backlash from GPs, care homes and hospices over national insurance hike
1 month, 3 weeks ago

Budget 2024: Rachel Reeves faces backlash from GPs, care homes and hospices over national insurance hike

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. But while the NHS and the rest of the public …

Martin Lewis blasts Rachel Reeves for not coming on his ITV Money Show as he tears apart Autumn Budget in a brutal rant
1 month, 3 weeks ago

Martin Lewis blasts Rachel Reeves for not coming on his ITV Money Show as he tears apart Autumn Budget in a brutal rant

Daily Mail  

Martin Lewis publicly blasted the Chancellor for not appearing on his popular ITV show yesterday and said she had 'missed the chance to give her interpretation' on the Autumn Budget. Martin Lewis publicly blasted the Chancellor for not appearing on his popular ITV show yesterday and said she had 'missed the chance to give her interpretation' In a package that …

US employers rethink plans for UK after Reeves’s £25bn jobs tax
1 month, 3 weeks ago

US employers rethink plans for UK after Reeves’s £25bn jobs tax

The Telegraph  

American bosses are reconsidering their UK investment plans after Rachel Reeves launched a £25bn tax raid on employers, a transatlantic trade body has warned. Duncan Edwards, the chief executive of British American Business, said the Chancellor’s move to increase National Insurance costs had made the UK “less attractive”. “For the UK leaders of American-owned companies looking to get more investment …

Reeves admits NI hike could hit pay rises while markets react to borrowing spree
1 month, 3 weeks ago

Reeves admits NI hike could hit pay rises while markets react to borrowing spree

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “It will mean that businesses will have to absorb …

Watch: Starmer and Reeves speak after Labour’s £40bn tax-raising Budget
1 month, 3 weeks ago

Watch: Starmer and Reeves speak after Labour’s £40bn tax-raising Budget

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. She revealed new taxation measures that aim to raise £40bn …

Brits will end up being paid less after Labour's Budget, admits Rachel Reeves as she refuses to rule out MORE tax hikes and economists warn growth will be crushed record burden
1 month, 3 weeks ago

Brits will end up being paid less after Labour's Budget, admits Rachel Reeves as she refuses to rule out MORE tax hikes and economists warn growth will be crushed record burden

Daily Mail  

This video is no longer available This video is no longer available Rachel Reeves admitted Brits will see lower wages as a result of her Budget mega-raid today - amid warnings she will be back for more. Rachel Reeves on a visit to a hospital in Coventry with Keir Starmer today after delivering her Budget The OBR said the Budget …

Papers react to Labour’s Budget ‘gamble’
1 month, 3 weeks ago

Papers react to Labour’s Budget ‘gamble’

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Ms Reeves said Labour’s first …

DAILY MAIL COMMENT: This was a painful budget - with worse to come
1 month, 3 weeks ago

DAILY MAIL COMMENT: This was a painful budget - with worse to come

Daily Mail  

There are three kinds of lies, said Mark Twain. In her first Budget, Chancellor Rachel Reeves cynically reneged on those promises with a £40billion tax bombshell. Chancellor Rachel Reeves said the country had 'voted for change' and vowed to 'invest' as she mounts one of the biggest raids in history in the Commons Ms Reeves carried out the traditional photo …

Employers warn of crisis as Reeves increases NI contributions
1 month, 3 weeks ago

Employers warn of crisis as Reeves increases NI contributions

The Telegraph  

Corporate Britain has sounded a warning about hiring freezes and pay cuts after emerging as the biggest loser of a £40bn tax raid. Pubs, restaurants and cafes, which rely on part-time staff, could see their tax bills rise by a collective £1bn as a result of the changes, UKHospitality warned, as firms will have to start paying National Insurance Contributions …

Budget tax raid will mean lower private sector pay rises, admits Reeves
1 month, 3 weeks ago

Budget tax raid will mean lower private sector pay rises, admits Reeves

The Telegraph  

Rachel Reeves has admitted that private sector workers will be paid less as a result of her Budget tax raid to fund a massive expansion of the state. Public sector employees – many of whom have already been granted inflation-busting pay rises by the Government – are being spared from the raid. It is likely to deepen a rift between …

Reeves uses first Budget to hike taxes, increase...
1 month, 3 weeks ago

Reeves uses first Budget to hike taxes, increase...

Daily Mail  

Rachel Reeves raised taxes to a historic high and sent borrowing soaring as she gambled on increased spending to boost growth and repair public services. But despite Labour’s promises to protect “working people”, a £25.7 billion increase in national insurance contributions paid by employers is likely to reduce wages and lead to job losses. Rebuilding Britain.” But Tory leader Rishi …

Reeves uses first Budget to hike taxes, increase borrowing and boost spending
1 month, 3 weeks ago

Reeves uses first Budget to hike taxes, increase borrowing and boost spending

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. But despite Labour’s promises to protect “working people”, a …

Employer national insurance hike to slow hiring and wage growth, critics say
1 month, 3 weeks ago

Employer national insurance hike to slow hiring and wage growth, critics say

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Chancellor has admitted that …

Martin Lewis gives his reaction to the budget: From hiking employers' National Insurance to inheritance tax on pensions, the money saving expert's verdict on Rachel Reeves' £40billion tax raid
1 month, 3 weeks ago

Martin Lewis gives his reaction to the budget: From hiking employers' National Insurance to inheritance tax on pensions, the money saving expert's verdict on Rachel Reeves' £40billion tax raid

Daily Mail  

Martin Lewis has given a definitive run down on Rachel Reeves' Budget, as he warned that 'someone will have to pay' for Labour's new policies. Feel free to share pic.twitter.com/ewDye8xn2S — Martin Lewis October 30, 2024 Mr Lewis, the founder of MoneySavingExpert.com, asked how the businesses will pay for a £615 surge per employee 'For the employers who pay it, …

Reeves goes after employers with young workers the clear winners
1 month, 3 weeks ago

Reeves goes after employers with young workers the clear winners

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Chancellor Rachel Reeves took aim …

Autumn budget 2024 predictions: 8 key things to watch out for in Rachel Reeves’s statement
1 month, 3 weeks ago

Autumn budget 2024 predictions: 8 key things to watch out for in Rachel Reeves’s statement

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Rachel Reeves is set to unveil Labour’s first Budget in a …

Millions of working people will suffer from Reeves’s first Budget, warns OBR
1 month, 3 weeks ago

Millions of working people will suffer from Reeves’s first Budget, warns OBR

The Telegraph  

Millions of working people will suffer from Rachel Reeves’ Budget tax raid, the Government’s fiscal watchdog has warned. Workers will pay for 80pc of the Chancellor’s increase in employer National Insurance in the long term through lost wage increases and lower income, according to the Office for Budget Responsibility. Homeowners also face hundreds of pounds more in mortgage bills, with …

The charts that show why Reeves has condemned Britain to a low-growth future
1 month, 3 weeks ago

The charts that show why Reeves has condemned Britain to a low-growth future

The Telegraph  

Ms Reeves’s decision to ramp up employers’ National Insurance will not help, as it imposes costs on businesses – which will be less likely to hire workers as a result – and on staff, who can expect smaller wage increases as a result of the policy. The OBR said higher pay growth in the near term would be followed by …

Reeves warns that Budget pain will just be the beginning with more difficult choices to come
1 month, 3 weeks ago

Reeves warns that Budget pain will just be the beginning with more difficult choices to come

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. But with the prime minister also warning of “tough choices” …

No tax hike on payslips, vows minister amid confusion over definition of ‘working people’
1 month, 3 weeks ago

No tax hike on payslips, vows minister amid confusion over definition of ‘working people’

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery Education Secretary Bridget Phillipson refused repeatedly to say whether a …

Rachel Reeves might just get away with breaking her promise – here’s how
1 month, 3 weeks ago

Rachel Reeves might just get away with breaking her promise – here’s how

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Bush insisted that he hadn’t imposed …

Rachel Reeves 'plans to hike employers' National Insurance by up to two percentage points in Budget to raise £20bn for public services'
1 month, 4 weeks ago

Rachel Reeves 'plans to hike employers' National Insurance by up to two percentage points in Budget to raise £20bn for public services'

Daily Mail  

Rachel Reeves is set to increase employers' national insurance contributions by up to two percentage points to collect billions to help fund the NHS. The changes to employers' national insurance contributions are set to be the single largest revenue raiser of next week's Budget. Rachel Reeves is set to increase employers' national insurance by up to two percentage points to …

Reeves set to increase employers’ national insurance contributions
1 month, 4 weeks ago

Reeves set to increase employers’ national insurance contributions

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Rachel Reeves is …

Rachel Reeves set to increase borrowing after announcing major change to fiscal rules
1 month, 4 weeks ago

Rachel Reeves set to increase borrowing after announcing major change to fiscal rules

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. But former chancellor Jeremy Hunt warned his advice from the …

How Rachel Reeves' budget could make the gulf between public and private pensions even wider
2 months ago

How Rachel Reeves' budget could make the gulf between public and private pensions even wider

Daily Mail  

A huge chasm between generous public sector pensions and squeezed private sector pensions could be blown even wider next week. Chancellor Rachel Reeves is expected to protect public sector workers from a raid on employers’ pension contributions in the Budget. Chancellor Rachel Reeves is expected to protect public sector workers from a raid on employers’ pension contributions in the Budget …

Rachel Reeves to push forward with £3bn sickness benefits cut in Budget
2 months ago

Rachel Reeves to push forward with £3bn sickness benefits cut in Budget

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Asked why Labour was pressing ahead with plans made by …

The £40bn question: How will Rachel Reeves balance the books?
2 months, 1 week ago

The £40bn question: How will Rachel Reeves balance the books?

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery Mervyn King, former Bank of England governor, has suggested increasing national …

Ex-Bank of England chief Mervyn King urges Rachel Reeves to raise national insurance in Budget
2 months, 1 week ago

Ex-Bank of England chief Mervyn King urges Rachel Reeves to raise national insurance in Budget

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Former Bank of …

Make no mistake – if Reeves hikes ‘employer’nNational insurance, it IS a tax on working people
2 months, 1 week ago

Make no mistake – if Reeves hikes ‘employer’nNational insurance, it IS a tax on working people

The Independent  

Ahead of her first-ever Budget, speculation is mounting that chancellor Rachel Reeves will hike up employer national insurance contributions. At first glance, this may seem as though Labour is keeping its pre-election promise to not clobber “working people” – but make no mistake: this plan very much will impact hard-working folk. “Working people” might not see a direct impact if …

‘We will keep manifesto promise on tax,’ says Starmer amid Budget speculation
2 months, 1 week ago

‘We will keep manifesto promise on tax,’ says Starmer amid Budget speculation

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Prime Minister has declined …

Reeves accused of hypocrisy after admitting NI raid would hit workers’ pay
2 months, 1 week ago

Reeves accused of hypocrisy after admitting NI raid would hit workers’ pay

The Telegraph  

Rachel Reeves has been accused of hypocrisy after it emerged she previously admitted that increasing National Insurance for employers would hit workers’ pay. The Chancellor is thought to be planning to increase NI contributions for employers as part of a package of measures designed to raise £40 billion in this month’s Budget. Two years ago, Ms Reeves, when she was …

Rachel Reeves hints her Budget will hike National Insurance amid fears she could take £30BILLION from Brits
2 months, 1 week ago

Rachel Reeves hints her Budget will hike National Insurance amid fears she could take £30BILLION from Brits

Daily Mail  

Rachel Reeves dropped a major hint that firms will be hit with a major tax increase in the Budget today. Keir Starmer was warned today that raiding employers' national insurance in the Budget would be a 'straighforward breach' of Labour 's manifesto The head of the IFS, Paul Johnson, said the Labour manifesto was 'clear' on NICs Ministers have been …

Reeves warned over ‘straightforward breach’ of manifesto if Labour hikes national insurance in Budget
2 months, 1 week ago

Reeves warned over ‘straightforward breach’ of manifesto if Labour hikes national insurance in Budget

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Rachel Reeves has …

The proof Reeves will be unable to squeeze the rich
2 months, 1 week ago

The proof Reeves will be unable to squeeze the rich

The Telegraph  

Rachel Reeves’s tax raids are already unravelling. The problem is that these shoulders already bear a significant load, and Treasury officials, who have become increasingly concerned that Labour’s raids will raise little money, are starting to realise that they have options. New figures show that high-earning Britons are already paying more tax on their income for every extra £1 they …

Reeves insists National Insurance increase won’t break manifesto pledge
2 months, 1 week ago

Reeves insists National Insurance increase won’t break manifesto pledge

The Telegraph  

The Chancellor has insisted that increasing employers’ National Insurance contributions in the Budget won’t break Labour’s promise to protect working people from tax rises. She insisted that a manifesto pledge not to increase income tax, National Insurance or VAT only applied to “working people”, and not the companies that employed them. The Chancellor refused to rule out an increase in …

Rachel Reeves confirms taxes will rise in her first budget in October
4 months, 3 weeks ago

Rachel Reeves confirms taxes will rise in her first budget in October

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. And, setting the scene for a brutal financial statement, she …

Chancellor Rachel Reeves is expected to reveal £20billion hole in UK's public finances - intensifying fears that hefty Labour tax hikes are on the way
4 months, 4 weeks ago

Chancellor Rachel Reeves is expected to reveal £20billion hole in UK's public finances - intensifying fears that hefty Labour tax hikes are on the way

Daily Mail  

Rachel Reeves is set to reveal a staggering deficit in the public finances of up to £20billion, working up to a significant tax hike this autumn. Rachel Reeves is set to reveal a staggering deficit in the public finances of up to £20billion, working up to a significant tax hike this autumn The Chancellor is expected to implement tax increases …

Why Reeves has an economic mountain to climb to create a pro-growth Treasury
5 months, 2 weeks ago

Why Reeves has an economic mountain to climb to create a pro-growth Treasury

The Telegraph  

In turn this is reflected in wages. While workers might look at their pay packets and see an improvement in cash terms, once adjusted for inflation average weekly wages are still languishing at 2007 levels. Delivering the annual Mais Lecture in the City of London in March, Reeves said workers need to jump ship and change jobs more often. “Workers …

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