In a groundbreaking development in UK politics, Rachel Reeves has become the first female chancellor to deliver Labour’s budget for 2024. In her announcement, Reeves stated that taxes would be raised by £40 in order to address the economic challenges facing the country.
However, the budget announcement has caused concern among businesses, as many fear that the tax increase will have a negative impact on their operations and profitability. Small businesses, in particular, are worried about the additional financial burden that the tax hike will place on them.
The uncertainty surrounding the budget has also led to a drop in the stock market, with investors expressing their apprehension about the potential impact of the new tax measures on corporate earnings. Overall, the business community is feeling apprehensive about the implications of the chancellor’s announcement on their bottom line.
Reeves defended the tax increase as necessary to address the economic challenges facing the country and to ensure that essential services receive the funding they require. However, businesses are calling for more clarity and support from the government to help them navigate these new financial challenges.
As the country grapples with the economic fallout from the pandemic, it is clear that the budget announcement has left many businesses feeling uncertain about what lies ahead. The coming months will be crucial in determining how businesses adapt to the new tax landscape and work to navigate the challenges posed by the chancellor’s announcement.
Watch the video by The Times and The Sunday Times
Video “Budget 2024: Businesses hit after Chancellor announcement” was uploaded on 10/30/2024 to Youtube Channel The Times and The Sunday Times