Labour’s first Budget gets mixed reaction as SMEs warn of tax rise hit

By Tom Lowe2024-10-30T17:23:00

Industry reacts to £40bn tax raising Budget

The government’s first budget has received a mixed reaction from the construction industry, with many firms welcoming funding boosts for more housing but others warning of the impact of tax rises on delivery.

Rachel Reeves outlined £40bn in tax rises this afternoon, including an increase in employers’ national insurance contributions by 1.2% to 15% from April 2025, and lifting the national living wage by 6.7% to £12.21 an hour.

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