CBI chief Rain Newton-Smith said Labour chancellor Rachel Reeves's Budget has hit businesses, forcing them to consider expenditure on recruitment.
âSome of the decisions taken at the Budget have made it harder for businesses to invest, to take a risk on people and to create more jobs,â said Ms Newton Smith. âOur survey showed that half are now looking to reduce headcount. Almost two-thirds are looking to cut their plans to hire.â
She added that executives are asking, âCan we afford to invest? Can we afford to expand? Can we afford to take a chance on new people? Well after the Budget, the answer weâre hearing from so many firms is still ânot yetâ.â
In the October Budget, Ms Reeves announced a nearly £70bn uplift in public spending, partly funded by sharp increases in business taxes such as employer national insurance contributions. Labour also raised the minimum wage and pledged to make it harder to sack workers.
In response, retailers including Tesco, Sainsburyâs and Marks & Spencer have warned that they will face a £7bn jump in their costs because of the tax increases, which includes a rise in employersâ national insurance, and said job losses were âinevitableâ.
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