Category: Reevess
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UK jobless rate edges higher as Reeves’s tax rise stalls hiring
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Unemployment rates rose in the UK while the number of job vacancies fell to their lowest level in more than three years, suggesting employers have pulled back on hiring after Chancellor Rachel Reeves’ October budget raised National Insurance contributions. New figures from the Office for National Statistics (ONS) show the…
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Shops and restaurants brace for record employment tax surge after Reeves’s budget raid
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Retailers and hospitality businesses are seeing an unprecedented rise in employees’ tax bills this year, due to Chancellor Rachel Reeves’ decision to increase employers’ National Insurance contributions coupled with the minimum wage rising above inflation. New figures compiled by the Center for Policy Studies (CPS) show that the annual cost…
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British retailer warns Reeves’s budget will deliver a £50m ‘punch in the face’
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Fraser Group has warned that Rachel Reeves’ budget will cost it at least £50m next year, likening the impact on retailers to a “punch in the face”. Michael Murray, chief executive of the British retail group, said the latest financial measures would force companies to cut costs and could damage…
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UK growth forecast upgraded after Reeves’s £70bn spending boost
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The OECD has significantly updated its UK growth forecasts, giving credit to Rachel Reeves’ £70bn-a-year public spending package. The UK economy is now expected to grow by 0.9% in 2024 and 1.7% in 2025, up from May forecasts of 0.4% and 1.0%. But the Paris-based organization warned that this growth…
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UK Companies Slash Hiring Plans Following Reeves’s Tax Increases
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Nearly two-thirds of UK businesses are set to scale back hiring plans in response to the Chancellor’s £40bn tax rise, according to a new poll by the Confederation of British Industry (CBI). The survey of 266 business leaders found that 62% of them intend to reduce hiring, nearly half expect…