Rachel Reeves, UK chancellor of the exchequer, outside 11 Downing Street ahead of presenting her budget to parliament in London, UK, on Wednesday, Oct. 30, 2024.
Bloomberg | Bloomberg | Getty ImagesLONDON — British businesses are smarting after Finance Minister Rachel Reeves' bumper tax-rising budget, with analysts warning that the measures could slow hiring and push up inflation.
Under the new rules, employer NI will rise by 1.2 percentage points to 15% from April 2025, while the level at which employers start paying NI for workers will drop from £9,100 to £5,000.
Rain Newton-Smith, chief executive of the Confederation of British Industry, a business interest group, described it as a "tough budget for business."
That is because businesses could pass on the additional costs to consumers by increasing the price of their products.
Persons:
Rachel Reeves, Reeves, —, Roger Barker, Barker, Mike Kemp, Andrew Martin, Newton, Smith, Morgan, Andrew Sheets, CNBC's, Morgan Stanley
Organizations:
Bloomberg, Getty, LONDON, National Insurance, Labour, Conservative, Institute of, Institute of Directors, of British Industry, Corporation, Insurance, CNBC, Bank of, Morgan
Locations:
London, City of London, United Kingdom
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