OBR: Reeves' Budget will squeeze employee wages

OBR Chairman Richard Hughes described Chancellor Rachel Reeves' Budget as one of the UK’s largest in terms of tax rises, with employer National Insurance contributions set to increase.

This move is projected to push the tax burden to 38% of GDP by the end of the decade - the highest since WWII.

Hughes noted that about 75% of this cost will likely shift to employees, reducing real wages by an average of £600 annually.

Report by Covellm.

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