Chancellor tells business leaders she stands by tax rises and points to Labour’s pro-growth policies

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A defiant Rachel Reeves has rebuked critics of her tax-raising budget on Monday, telling disgruntled business leaders that they have offered “no alternatives” to her plans.

Since Labour’s first budget in 14 years last month, business groups have warned that the chancellor’s £25bn increase in employer national insurance contributions (NICs) will force them to cut jobs and raise prices. Thousands of farmers have also protested against changes to inheritance tax.