British entrepreneur Sir James Dyson has condemned UK Chancellor Rachel Reeves’s budget as “spiteful,” arguing that her inheritance tax reforms will harm family businesses by imposing a 20% tax on estates over £1 million, which he claims will discourage enterprise and destroy family legacies.

Care homes and GP practices may face closure due to increased tax burdens and rising insurance contributions, prompting concerns over potential impacts on elderly care services.

The Chancellor has announced the Budget for 2024, indicating a significant increase in public borrowing by £32 billion per year and raising taxes to the highest level on record, alongside concerns from economists about the potential stagnation of economic growth due to downgraded forecasts.