Reeves warned that UK can't tax its way to success

THE chief executive of holiday park chain Butlin’s has criticised Chancellor Rachel Reeves, arguing that raising taxes on businesses is not the route to enhancing the UK economy.

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Speaking on an upcoming episode of City AM’s Boardroom Uncovered show, Jon Hendry Pickup declared the country is “not going to tax ourselves to success” and that last year’s Autumn Budget “felt like an own goal”.

He argued that permitting businesses to invest, expand and enhance their offerings would be a superior approach to strengthening the economy rather than imposing higher taxes on companies such as employers’ National Insurance contributions and elevating the National Minimum Wage. He stated that both tax increases have made it more challenging for companies such as Butlin’s to recruit new staff and that the Autumn Budget in 2024 felt like a “tax on jobs”.