Reeves defends £40bn tax increase in autumn budget as businesses prepare for NICs hike

Chancellor says £25bn extra investment into NHS has led to shorter waiting lists

Rachel Reeves has defended the £40bn in tax increases in autumn’s budget as businesses brace for their impact, saying NHS waiting lists would now be higher if she had not taken action.

Employers are set for a £25bn increase in national insurance contributions (NICs), which comes into force on 6 April, at the same time as consumers are being hit by a slew of increases in bills for everything from utilities to car tax.