Higher business taxes take toll on UK economy as companies cut back hiring

Rachel Reeves’ increase in business taxes is taking its toll on the UK economy as companies cut back hiring, adding to warnings that the chancellor’s Budget has sapped corporate confidence heading into the new year. Private sector employment in December fell at the fastest pace since January 2021 or, if the coronavirus pandemic is excluded, 2009, according to the S&P Global flash UK purchasing managers’ employment index published on Monday. The index fell to 45.8, down from 48.

Michael Stull, managing director of recruitment company ManpowerGroup UK, said “a whole bunch of forces pushing together” had “popped the optimism” business felt after Labour’s landslide election victory in July. “The rhetoric coming out of government was fairly negative . . . that didn’t help consumer confidence. When you have all that, you see lower business investment — it stalled hiring.

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