Budget 2024: Small business owner worries he'll be 'hammered'
An electrician has said he might be forced to move his family to Spain because his business is being "hammered", as Labour unveils its first Budget in 15 years.
Speaking to GB News, Dan Byrne said: "I’m considering moving the family to Spain as an alternative because it’s become a bit of a dire environment for small businesses and investors in the UK."
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Byrne suggested Labour’s pledge not to increase taxes for working people could be bad news for employers like him.
"Obviously, it paints a picture of the employers and investors who are bringing value to the economy," he said.
"They’re going to get hammered. There’s only four of us working for my company and we’ve been established for over ten years. It’s not getting any better."
READ MORE: FTSE slumps ahead of Budget as spooked investors brace for ￡40bn in tax hikes
Rachel Reeves unveils Labour's first budget in 15 years today. (Image: Getty)
Reeves is expected to pledge today that "working people won't face higher taxes in their payslips".
Byrne also suggested Labour's messaging was making Britain an unattractive prospect for investors.
He said: "I don’t think anybody is looking at the UK right now thinking, 'I know I want to come and start a business there. I want to come and invest money there'. It’s just a bad environment for business in general.”
The Chancellor posed for the cameras outside Downing Street with the famous Budget Red Box on Wednesday ahead of announcing huge tax increases and spending cuts.
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The Prime Minister Sir Keir Starmer said tax hikes were necessary to 'prevent austerity' (Image: Getty)
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Reeves had earlier addressed Cabinet colleagues, revealing key details of the government's economic plan.
Prime Minister Sir Keir Starmer has said ahead of the Budget: "This is a huge day for Britain. After 14 years of decline, we will invest in our country - rebuilding our schools, hospitals, and roads.
"We won't shy away from the tough decisions to grow our economy and protect working people's payslips. There is a brighter future ahead."
The Chancellor will deliver the budget following weeks of speculation that tax increases are coming, as well as changes to the government’s debt rules.
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But Labour have warned that "tough decisions" will have to be made, blaming a ￡22 billion black hole they claim to have been left by the previous Tory government.
You can get all the latest Budget Day updates in our live blog here.