British business organisations criticised Prime Minister Boris Johnson's plans to increase taxes to pay for health and social care reform, saying they added to the burden on firms struggling due to the COVID-19 pandemic and would cost jobs.
The announcement received a cool reception from businesses, who were asked to pay a 1.25 percentage-point increase to a payroll tax known as National Insurance .
"This rise will impact the wider economic recovery by landing significant costs on firms when they are already facing a raft of new cost pressures and dampen the entrepreneurial spirit needed to drive the recovery." A government document published alongside the announcement said 70% of the money raised from businesses will come from the largest 1% of companies and around 40% of businesses would not be affected at all by the levy.The tax increases also included a 1.25 percentage point rise in dividend tax rates which stands to affect business owners and investors who rely on dividend income.
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