{"id":351463,"date":"2024-11-17T10:41:12","date_gmt":"2024-11-17T09:41:12","guid":{"rendered":"https:\/\/climatescience.press\/?p=351463"},"modified":"2024-11-17T10:41:15","modified_gmt":"2024-11-17T09:41:15","slug":"rachel-reevess-budget-will-cost-britain-100000-jobs","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=351463","title":{"rendered":"Rachel Reeves\u2019s Budget \u2018will cost Britain 100,000 jobs\u2019"},"content":{"rendered":"
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<\/p>\n\n\n\n

Employers will pass along increased cost of NICs to workers with cuts, warns Deutsche Bank<\/em><\/strong><\/p>\n\n\n\n

<\/p>\n\n\n\n

Rachel Reeves\u2019s National insurance (NI) tax raid<\/a> will destroy 100,000 jobs as hard-pressed companies are forced to lay off staff and freeze hiring, analysis has found.<\/p>\n\n\n\n

Deutsche Bank\u00a0<\/a>warned the jobs market was already showing signs of \u201ccracking\u201d and warned that the Chancellor\u2019s changes to NI would put\u00a0further strain on employers<\/a>. The Telegraph<\/a> has the story.<\/em><\/strong><\/p>\n\n\n\n

Sanjay Raja, an economist at the bank, said he expected the hit will be twice as much as the 50,000 jobs predicted by the Office for Budget Responsibility in its forecasts published alongside the Budget.<\/p>\n\n\n\n

Mr Raja said: \u201cGiven that the increase in NI contributions is ultimately a payroll tax, firms\u2019 payroll decisions will come under significant scrutiny going forward.<\/p>\n\n\n\n

\u201cThis won\u2019t happen all at once. More likely, we will see declines in hiring and employment growth, with some firms adjusting more immediately to the increase in tax.<\/p>\n\n\n\n

\u201cHow many jobs, including future jobs, would be lost based on the above? Just a little over 100,000 jobs.\u201d<\/p>\n\n\n\n

The Chancellor said last month that from April the rate of employer NI contributions will rise from 13.8pc to 15pc and the wage threshold at which it kicks in will fall from \u00a39,100 per year to \u00a35,000. The Treasury expects the move will raise \u00a325bn.<\/p>\n\n\n\n

Ms Reeves claimed the\u00a0changes do not break Labour\u2019s manifesto<\/a>\u00a0promise to not increase NI contributions because that only referred to the share of the tax paid directly by workers.<\/p>\n\n\n\n

Read the full story here<\/a>.<\/em><\/strong><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Rachel Reeves\u2019s National insurance (NI) tax raid will destroy 100,000 jobs as hard-pressed companies are forced to lay off staff and freeze hiring, analysis has found.<\/p>\n

Deutsche Bank warned the jobs market was already showing signs of \u201ccracking\u201d and warned that the Chancellor\u2019s changes to NI would put further strain on employers.<\/p>\n","protected":false},"author":121246920,"featured_media":351466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691831365,691820941,691823489,691831424,691820166],"class_list":{"0":"post-351463","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-jobs-and-employment","9":"tag-labour-party","10":"tag-rachel-reeves","11":"tag-the-budget","12":"tag-uk-economy","14":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/11\/00Screenshot-2021-09-27-at-12.02.05-1200x675-1.png?fit=1200%2C675&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1tqL","jetpack-related-posts":[{"id":416131,"url":"https:\/\/climatescience.press\/?p=416131","url_meta":{"origin":351463,"position":0},"title":"Petrol 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