North West Norfolk MP James Wild concerned by Rachel Reeves’ spring statement

James Wild has described the Chancellor’s decision not to support businesses in her spring statement as “very concerning”.

Yesterday, Rachel Reeves made a series of financial decisions which included cuts to the welfare system and rises in defence spending.

No further changes were made to tax following last year’s Autumn Budget.

However, Mr Wild, the North West Norfolk MP, remains worried about the fallout from that last budget - and is fearful for the future of businesses in our area.

From April, companies will pay National Insurance at 15% on salaries above £5,000, up from 13.8% on salaries above £9,100 - while the minimum wage and business rates will also go up.

“Growth was supposed to be this government’s priority, but the Chancellor had to come and explain that due to her tax rises, higher borrowing, and spending splurge the growth forecast has been halved for this year,” Mr Wild said.

“Next week businesses will be hit with a £25billion a year jobs tax and hospitality firms in North West Norfolk and beyond face a near doubling of business rates but there was nothing to help them today.

“It is very concerning that once again the Chancellor has not listened to employers and investors who have warned of the damaging impact of the government’s policies on jobs and growth.”