This article examines Labour's economic plans, particularly focusing on their potential impact on growth. It highlights concerns raised by businesses about potential tax increases and employment rights reforms, arguing that these measures might stifle rather than encourage economic expansion.
Chancellor Rachel Reeves gestures during a speech on economic growth for Britain at Siemens Healthineers Rachel Reeves has pledged to put more “pounds in people’s pockets” in a major speech setting out Labour’s plans to grow the economy.the GovernmentReeves has refused to rule out announcing further tax rises in the spring, saying she would wait to see the results of the Office for Budget Responsibility’s next economic forecast in March before setting out her tax and spending plans.
“A rethink around employers NI changes could be that ‘mea culpa’, ‘we made a mistake’ moment to bring an immediate response versus promoting aspirational goals.” This could mean businesses look at recruitment freezes, turn to temporary and contract hires, or even layoffs as they look to control staffing costs, she said.
Michael Queenan, chief executive of data company Nephos Technologies, said: “In today’s borderless business landscape, we’re competing with jurisdictions offering zero corporation tax, zero income tax, and zero capital gains tax. Why would ambitious entrepreneurs choose Britain when their hard-earned success will be diminished by punitive taxation?”
ECONOMY TAXES LABOUR PARTY BUSINESSES EMPLOYMENT RIGHTS
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