Mr Brett chairs the Committee and speaking after today’s meeting he said,
“The evidence from the FSB was stark that for childrens’ daycare settings, they face an average additional bill of £18,000 alone from the National Insurance increase alone. They are heavily regulated businesses with minimum staffing requirements and so the only option they have is to pass that cost on to consumers. That is an additional cost on businesses who were already struggling,
Not only are the businesses being taxed to death, but it will hit the very working people who Labour claimed they wanted to protect in the budget. They may not have directly increased taxes on workers, but an additional childcare bill directly because of the budget is simply an indirect taxation of those people.
That is one snapshot from one sector of the economy but it highlights not just the overbearing tax burden businesses are facing, but how businesses aren’t somehow insulated from society. Mortgages are paid and food put on the table from the salaries of jobs that are under threat whilst the cost of living crisis is exacerbated from the driving up of prices due to increased costs.”