The Confederation of British Industry said the economy was heading for the 'worst of all worlds' as businesses grapple with Chancellor Rachel Reeves' 'tax-bomb' Budget.
Britain is facing a 'recession made in Downing Street' next year – as business chiefs warned that Labour 's tax hikes were hitting jobs, investment and growth.
'Businesses continue to cite the impact of measures announced in the Budget – particularly the rise in employer National Insurance contributions – exacerbating an already tepid demand environment.' He said the negative impact of Labour's 'doom and gloom' narrative running up to the Budget 'was compounded by choosing to levy the extra taxes necessary to pay for our current spending on to business'.
Commons leader Lucy Powell yesterday admitted that the NI raid at the Budget had created 'consequences for business' and that growth figures were 'disappointing'. The CBI said businesses were saying private sector employment 'will be cut sharply' in the first quarter of the year.
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