Optimism about the UK economy has plummeted to levels last seen during start of the Covid pandemic following Labour's tax hiking Budget and a summer of talking down the nation's finances.
The gloomy picture means the UK economy is now at risk of grinding to a halt, the IOD warned, as businesses plan to cut back investment. Shadow business secretary Andrew Griffith said: 'The survey shows a catastrophic loss of business confidence under this government' Business support has ebbed as a result of concerns over Labour's workers' rights package, as well as an increase in the national minimum wage and higher employers' National Insurance payments.
'We are concerned that the combination of how inheritance tax and business property relief reforms will serve to undermine growth and ultimately the public finances too,' Leach added. 'Business leaders tend to have a natural optimism but the summer of trash-talking the economy, Labour's jobs tax and the trade-union inspired Employment Bill are knocking the stuffing out of their confidence. It is jobs and investment that will pay the price.'
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