Shadow Paymaster General Richard Holden has expressed serious concerns about recent stock market declines following the imposition of US tariffs, which he says are compounding the impact of Labour's National Insurance increases on UK businesses.
Speaking to GB News, Holden described the situation as "very concerning" for British companies.
"I am very concerned. I think this is, particularly for UK business, on top of Labour's massive jobs tax increases, which are costing even in our automotive sector alone £200million a year, kicking in yesterday," he said.
Holden warned that these combined pressures are already causing significant economic damage across various sectors.
Holden highlighted the impact on the automotive industry, noting that Ford's UK headquarters at Dunton in his constituency is already discussing job cuts.
"They've already talking about non-compulsory redundancies in the order of hundreds, if not thousands of jobs we've already seen up in Luton," he told GB News.
The Shadow Paymaster General pointed to the automotive sector as particularly hard hit, with Labour's National Insurance increases costing the industry £200million annually.
Holden warned that local authorities are facing significant knock-on effects from the National Insurance rise: "We're expecting it's going to be over 14 million extra holes in the road a year, which are not filled because Labour haven't provided the extra cash for local authorities."
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He explained that councils haven't received compensation to cover both direct staffing costs and expenses related to social care services they purchase externally. The impact on road maintenance budgets is particularly concerning, according to Holden.
"That's going to come out of our roads budget, meaning more potholes as well, damaging our cars and the sector," he said.
The Shadow Paymaster General claimed the National Insurance rise has already resulted in significant job losses across the UK.
"We think it's already cost 25,000 jobs in the UK since it was announced. That's a job every nine minutes," Holden stated.
"Right across the board, we're not seeing Labour actually deliver at all," he told GB News.
Holden accused the Government of creating a hostile business environment through increased taxation and regulation.
"All we've seen from Labour so far is more hammering of business with both tax on one side and red tape on the other," he said.
The Shadow Paymaster General emphasised that these policies are having widespread consequences: "We are seeing a real, real impact of this," he stated, noting that the effects are being felt "right from public services to private business."
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Speaking to GB News, Holden described the situation as "very concerning" for British companies.
"I am very concerned. I think this is, particularly for UK business, on top of Labour's massive jobs tax increases, which are costing even in our automotive sector alone £200million a year, kicking in yesterday," he said.
Holden warned that these combined pressures are already causing significant economic damage across various sectors.
Holden highlighted the impact on the automotive industry, noting that Ford's UK headquarters at Dunton in his constituency is already discussing job cuts.
"They've already talking about non-compulsory redundancies in the order of hundreds, if not thousands of jobs we've already seen up in Luton," he told GB News.
The Shadow Paymaster General pointed to the automotive sector as particularly hard hit, with Labour's National Insurance increases costing the industry £200million annually.
Holden warned that local authorities are facing significant knock-on effects from the National Insurance rise: "We're expecting it's going to be over 14 million extra holes in the road a year, which are not filled because Labour haven't provided the extra cash for local authorities."
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He explained that councils haven't received compensation to cover both direct staffing costs and expenses related to social care services they purchase externally. The impact on road maintenance budgets is particularly concerning, according to Holden.
"That's going to come out of our roads budget, meaning more potholes as well, damaging our cars and the sector," he said.
The Shadow Paymaster General claimed the National Insurance rise has already resulted in significant job losses across the UK.
"We think it's already cost 25,000 jobs in the UK since it was announced. That's a job every nine minutes," Holden stated.
"Right across the board, we're not seeing Labour actually deliver at all," he told GB News.
Holden accused the Government of creating a hostile business environment through increased taxation and regulation.
"All we've seen from Labour so far is more hammering of business with both tax on one side and red tape on the other," he said.
The Shadow Paymaster General emphasised that these policies are having widespread consequences: "We are seeing a real, real impact of this," he stated, noting that the effects are being felt "right from public services to private business."
Find Out More...