A BUSINESS owner has shared his fears that the Autumn Budget could stunt growth.

Chancellor Rachel Reeves announced the first blueprints for the Labour Government's spending in the House of Commons on Wednesday.

Matt Nicol, managing director of estate agent Nicol and Co., said: "With the announcement of a  six per cent national living wage increase, I can't help but feel the pressure of what we heard in the Autumn Budget.

"As a business owner with 41 staff, this isn't just an isolated wage bump but a substantial shift that requires reworking pay structure. 

"Add in the announced rise in Employers' National Insurance and, suddenly, each new policy adds up to a huge increase in operational costs."

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The Chancellor announced an additional spending of £70 billion every year, with £40 billion being raised through taxes such as an increase in the capital gains tax and VAT on private schools.

"Capital Gains Tax increases could affect any future asset planning," Mr Nicol said, "And, for families like mine, VAT on private school fees is yet another hit that impacts us directly.

"Each of these changes alone may seem manageable, but together they're creating significant strain for employers who can drive local employment and growth."

Mr Nicol added: "Like many business owners, I'm committed to adapting and finding ways to support my team, but the cumulative impact of these policies is hard to ignore. 

"If the objective is to strengthen our economy, then we need policies that support businesses rather than weighing them down."

Several freezes and cuts were announced by Ms Reeves, such as a 1.7 per cent cut to draught duty and a freeze to fuel duty.

Tom Collins, Labour MP for Worcester, said businesses should not be concerned about the budget.

He said: "I think this budget is all about fixing the foundations and supporting our public services like the NHS to get Britain going again.

"Businesses shouldn't be concerned about this announcement; it's not small businesses that will bear the load when it comes to increases and we're keeping plenty of supports in place to help support small businesses.

"The atmosphere is really positive in Parliament right now."