The head of a key UK business group says employers were caught “off-guard” by the hike in national insurance contributions in Rachel Reeves’ budget. In a stinging speech, Confederation of British Industry chief executive Rain Newton-Smith said the said the measures announced last month have made it harder for businesses to “take a chance” on hiring new people.

Chancellor Rachel Reeves said she was ‘not immune’ to the difficulties facing businesses but there was no alternative to her Budget tax raid.

Chancellor Rachel Reeves has told businesses she is "not coming back with more borrowing or more taxes" as she defended the tax rises on businesses announced in the Budget. Reeves told the Confederation of British Industry (CBI) conference that despite "a lot of feedback" on her tax and spending plans, she had not heard many alternatives.

Rachel Reeves delivers CBI speech as chancellor insists ‘no alternative’ to tax rises Watch live as Britain's finance minister, Rachel Reeves, speaks with Scottish Power CEO Keith Anderson and answers questions from the media at the CBI Annual Conference.

Tax rises like this must never be just done to business, CBI chief tells Reeves - Rain Newton-Smith said that business had been caught ‘off-guard’ by national insurance hikes