Chancellor Rachel Reeves assured businesses at the Confederation of British Industry (CBI) conference that there will be no additional borrowing or tax hikes, defending the business tax increases announced in her recent Budget.

Despite feedback, Reeves noted a lack of alternatives to her fiscal plan, which included a near-£70 billion increase in public spending, with more than half funded by higher taxes.

Significant measures involve raising employer National Insurance rates and lowering the threshold for payments, sparking criticism from companies like McVitie's, concerned about investment hindrances in the UK.

CBI head Rain Newton-Smith argued the Budget's impact on competitiveness and growth, and noted many firms fear it will deter UK investment.

Rupert Soames, CBI chairman, mentioned increased costs for employing young and low-paid staff.

Despite some backing for tax increases to enhance services like the NHS, businesses expressed concerns over increased financial burdens.

Major retailers, including Tesco and Amazon, warned Reeves of cost implications and potential price hikes.

Conservative leader Kemi Badenoch highlighted the growing tax burden's impact on everyday people, emphasizing broader economic ramifications.