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. On Wednesday, Reeves raised taxes by around 40 billion pounds ($52 billion) to plug a hole she claims to have identified in the public finances and fund cash-starved public services, in a budget that could set the political tone for years to come. The biggest single measure — worth some 25 billion pounds in five years — was an increase in the national insurance contributions employers pay in addition to the salaries of their workers.