Havant MP Alan Mak calls out Labour over National Insurance tax rise costing new jobs and investment

In his role as Shadow Secretary of State for Science, Innovation and Technology, he spoke in Parliament and told his Government counterpart Peter Kyle that the hike in employers' NI contributions announced in the Budget is damaging the tech sector.

He said: "British tech start-ups create new jobs, innovative products and economic growth. The Conservatives back them, but Labour's jobs tax punishes them and stops them growing.

"The truth is that the Labour Government are failing our tech workers because they do not care about the tech sector."

Mr Mak used the example of Paul Taylor, founder of British tech unicorn Thought Machine, which employs more than 500 people, who was keen to list the company in London instead of New York.

But a precondition before listing was being able to grow the business as much as possible - and Mr Taylor said companies such as his would now be less incentivised to expand.

Mr Mak said: "Britain is now missing out on jobs and investment as a direct result of Labour's National Insurance jobs tax. When the Chancellor started punishing our tech sector, the Secretary of State failed to stand up to her. Why?"