Hospitality chiefs warn Reeves of carnage over Budget tax hikes

Executives from companies including the owner of Slug & Lettuce and Burger King are considering signing a letter to the chancellor warning of 'business closures and job losses within a year', Sky News learns.

Rachel Reeves will this weekend be told by some of Britain's biggest hospitality groups that the tax hikes imposed in last month's Budget risk triggering a tsunami of job losses across the sector.

It also asks for an early implementation of business rates reform, or for the Treasury to reverse the temporary increase in VAT from 17.5% to 20%. 'Your stated intent is to rebalance the tax burden away from high street businesses, yet this change to NICs does the opposite, balancing the books on the backs of the high street businesses which provide jobs to all in society, nationwide, while sparing businesses that used technology to shed jobs,' the draft said.

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