How much will Rachel Reeves's Autumn Budget tax hikes really cost businesses?

Businesses across the UK are sounding the alarm over rising costs after Rachel Reeves raised taxes by some £40bn at the Budget last week. The Chancellor announced that employer’s national insurance contributions will increase by 1.2 per cent to 15 per cent, and the threshold at which businesses start paying the levy will be lowered. The move is expected to raise around £25.7bn for the Treasury. While Reeves’ has argued she kept her promise to avoid taxing “working people”, businesses have warned the move will dramatically increase costs and they will be forced to pass these on to the public. Sainsbury’s chief executive Simon Roberts said this week that these new labour costs will hit shoppers with higher prices, with the supermarket predicting an added £140m to its cost base. Get more on the story 👇 https://www.cityam.com/businesses-warn-of-400m-in-extra-costs-after-reevess-budget-tax-raid/ Get more of City AM 👇 🌐 http://www.cityam.com X(formerly Twitter): http://twitter.com/CityAM Facebook: http://www.facebook.com/cityam Instagram: http://www.instagram.com/city_am LinkedIn: www.linkedin.com/company/cityam Produced by: Saskia Koopman, Scarlett Wild, Larissa Howie