U.K. Treasury chief Rachel Reeves has conceded that wages may rise by less than previously thought as a direct result of her budget decision to increase a tax that businesses pay for their employees.

LONDON (AP) — U.K. Treasury chief Rachel Reeves conceded Thursday that wages may rise by less than previously thought as a direct result of her budget decision to increase a tax that businesses pay for their employees.

It’s the first budget since the end of the Conservative Party’s 14 years in power and generated plenty of anticipation.

Chancellor Rachel Reeves today revealed £40billion worth of tax hikes and a surge in government borrowing in a highly anticipated Autumn Budget.