UK business confidence falls to lowest level in almost two years after Labour budget

📆 9/12/2024 07:03:00
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British businesses lost steam and pulled back on hiring last month, as industry reacted to the Labour government's bumper tax-raising budget, new data showed Monday.

Business confidence in the U.K. fell in November to its lowest level since January 2023, fresh data from business advisory and accountancy firm BDO showed Monday.

It comes as businesses have warned that Labour's "pro-growth" budget would push up inflation and slow hiring.Jeff J Mitchell | Getty Images News | Getty Images The fall — which was recorded across both the services and manufacturing sectors — is "likely to reflect businesses' immediate reaction to announcements in the Autumn Budget," BDO said., which included a slew of tax hikes. Chief among them was an increase to the National Insurance payroll tax paid by employers and an uptick in the National Living Wage.

The report, also released Monday, showed demand for staff fell at a "sharp and accelerated pace" last month, marking the steepest fall in vacancies since August 2020.

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