UK Business Secretary Acknowledges Budget May Squeeze Hiring (1)

UK Business Secretary Jonathan Reynolds accepted that tax hikes announced in the government’s budget this week might hinder companies’ ability to hire workers and raise salaries.

Reynolds, speaking to Bloomberg Television, said the rise in employer national insurance contributions and an uplift in the minimum wage would affect companies, including how many people they employ and what they can pay them. Nevertheless, he defended Chancellor of the Exchequer Rachel Reeves’ budget.

“If you look at the overall tax position within the UK, if you benchmark some of these changes that we’ve had to introduce, there is no doubt the ...