By Paul Kelsocommercial and economic correspondent

More taxes, more borrowing, more spending. This is a significant budget by any measure, but it will be more significant for businesses that will bear the brunt of the increased revenue.

Around £25 billion of these tax rises will come from the 1.2 percentage point increase in employers’ national insurance contributions to 15%, a hefty rise although it was in the middle of the speculative range of 1 to 2% envisaged, and which could therefore have taken place. been worse.

Accompanied by a 6% rise in the minimum wage and new employment rights legislation expected to add £5 billion to costs, businesses will do most of the heavy lifting demanded by Labour’s economic plan.

Good news?

On the other hand, there are no direct changes in personal taxes – and even some good news, if we can define this by the absence of bad news.

Tax thresholds will rise again in line with inflation from 2028, after the Chancellor decided not to extend the two-year freeze, forgoing the £9 billion.

Conversely, fuel taxes remain frozen and reduced. Rachel Reeves may be the first female chancellor, but she is only the latest to blink first at the car lobby.

None of this means that “workers” – or if we prefer, taxpayers who are employees – will not feel any pain from this budget.

Businesses large and small have warned that they will have to offset part of the planned 2% increase in wage costs with staff, either through lower wages, profits or fewer hirings.

The Office for Budget Responsibility concludes that it will be all three, stating: “We assume that this reduces real wages and profits, and that workers and businesses reduce the supply and demand for labor in response , thereby reducing labor supply by around 50,000 equivalent hours on average. »