Chancellor Rachel Reeves’ budget earlier this year promised sweeping changes to a number of different sectors, and to grow the economy – but we want to know, are you worried about job losses after the budget?
Since it was unveiled last month, Labour’s first autumn budget in almost 15 years has been a topic of much debate.
Chancellor Rachel Reeves promised “more pounds in people’s pockets”, and stated that the previous Tory government ‘had failed Britain through reckless spending and cover ups’ – which now means £40billion worth of tax increases.
Ms Reeves told the Commons: “In 1945, it was the Labour Party that rebuilt our country out of the rubble of the Second World War. In 1964, it was the Labour Party that rebuilt Britain with the white heat of technology. And in 1997, it was the Labour Party that rebuilt our schools and hospitals. Today, it falls to this Labour Party, this Labour government, to rebuild Britain once again.”
While many elements of the budget have been praised, such as a £1bn allocation for upgrading NHS buildings, as well as £1.5billion towards new hospital beds.
However, one of the more unpopular aspects of Labour’s budget is the increased tax levied at businesses as well as the increasing of minimum wage.
Many businesses have given warnings that they will be hugely impacted by the move to increase employers’ national insurance contributions.
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A coalition of Britain’s top retailers, including giants like Tesco, Asda, and Sainsbury’s, have sounded the alarm over job cuts and inevitable price increases following the national insurance rises outlined in October’s Budget.
Over 70 businesses put their names to an open letter addressed to the Chancellor, expressing their unease about the impending cost surges, with a warning that price rises are a “certainty”.
The governor of the Bank of England Andrew Bailey said said retailers were “right” to warn of potential job cuts following the Budget changes. “I think there is a risk here that the reduction in employment could be more. Yes, I think that’s a risk,” he said.
Some experts have warned that the increase in tax will increase inflation, and potentially impact job numbers from many businesses who feel they can no longer afford their current numbers of employees.
So, what we want to know is – are you worried about job losses after the budget? Vote in our poll and let us know in the comments below.
