Despite “a lot of feedback” on her tax and spending plans, Reeves told the Confederation of British Industry (CBI) conference that she had not heard many alternatives.
Following the Chancellor’s actions, the head of the massive cookie company McVitie’s warned that it was “becoming harder to understand” the argument for investing in the UK.
In her maiden Budget last month, Reeves pledged a nearly £70 billion increase in public spending, of which over half will come from higher taxation.
Due to the Chancellor’s decision to raise the rate at which employers pay national insurance and lower the threshold at which they begin paying it, businesses will be the ones who suffer the most from tax rises.
