The first budget statement from the recently formed Labour government has been delivered and with it, came tax rises for employers and asset holders, a major increase in public spending and a reiterated declaration from Rachel Reeves that driving investment and growth is the top priority in Keir Starmer’s premiership.
As expected, the opposition was quick to tear into the chancellor’s budget, but what does the tech, investment and wider business community that the government has said repeatedly is so key to its growth plans make of it?
For a full rundown of the policy announcements affecting the tech industry, click here.
Tax rises are manageable, but remain a concern for businesses
For most, the big news came in the form of a combined £40bn in increased taxes. Labour said during the general election that income tax, VAT and corporation tax were untouchable, but the party line of the £22bn financial black hole made clear it was going to have to raise funds somehow….