Treasury minister admits big business will have to ‘suck it up’ when dealing with Budget tax hikes
TREASURY Minister Darren Jones has spelled out that big business will have to 'suck it up' when dealing with Budget tax hikes.
The Cabinet Minister dismissed calls for extra help for struggling firms after a £25 billion hit to firms last month.
Tesco is facing a £1 billion increase in employer national insurance contributions until mid-2029 which could lead to job cuts and price hikes.
Supermarkets and the hospitality industry which employ large numbers of lower-paid staff are being badly hit by the move.
Treasury Minister Darren Jones said the government was looking out for small businesses and working people.
When asked if larger firms should ‘suck it up’, he told the BBC: "There are measures more broadly in the budget which we think are good for business, and good for growth, and good for the economy.
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"But on tax contributions, yes, it’s been designed in that way."
Chancellor Rachel Reeves launched a £40 billion tax raid at the Budget with £25 billion falling on the shoulders of business through the NI rise.
Supermarkets which employ large numbers of lower-paid staff are being badly hit by the move.
