Budget threatens business growth

Budget threatens business growth

According to a recent poll by the Institute of Directors, two thirds of business leaders believe the Budget will impede their growth ambitions due to necessary cuts in pay rises, recruitment, and investment. Business confidence has plummeted further since Rachel Reeves's speech, with Roger Barker, director of policy at the IoD, stating: "By imposing significant new tax burdens on business, the Government has taken a major risk with the economic recovery." The Chancellor's £40bn tax increase package, primarily affecting employers' National Insurance contributions, is expected to raise hiring costs significantly.