Virgin Atlantic CEO Shai Weiss criticized the U.K. Labour government's budget as a "tax on growth," highlighting increased Air Passenger Duty (APD) rates that could hinder the aviation sector's contribution to the economy. The budget, which includes significant tax hikes aimed at businesses, has raised concerns among corporations about expansion and investment. Despite challenges, Weiss expressed optimism for Virgin Atlantic's return to profitability in 2024, despite ongoing issues with Rolls-Royce Trent 1000 engines affecting operations.
UK businesses are reeling from Finance Minister Rachel Reeves' tax-raising budget, which includes a significant increase in National Insurance contributions, expected to raise £25 billion annually. Analysts warn this could hinder hiring and inflate costs, impacting wages and employment. While small businesses may receive some relief, the overall burden is seen as detrimental to growth, with the Bank of England potentially slowing rate cuts in response to rising inflation forecasts.
Rachel Reeves' budget has raised the Energy Profits Levy on fossil fuel firms, expected to generate £300 million annually, but the Office for Budget Responsibility warns it will deter investment. While small businesses benefit from targeted support, the overall fiscal measures are seen as a blow to larger firms, with national insurance contributions increasing. Despite record tax revenues, unprotected departments face real-terms cuts, raising concerns about future spending.
Seems like the connection with the server has been lost. It can be due to poor or broken network. Please hang on while we're trying to reconnect...
Oh snap! Failed to reconnect with the server. This is typically caused by a longer network outage, or if the server has been taken down. You can try to reconnect, but if that does not work, you need to reload the page.
Oh man! The server rejected the attempt to reconnect. The only option now is to reload the page, but be prepared that it won't work, since this is typically caused by a failure on the server.
