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Battered businesses to lay off staff - CBI
The Herald|January 14, 2025
THE Chancellor has 'bruised' business confidence by expecting companies to help fill the hole in public finances, the chairman of the Confederation of British Industry (CBI) has said.
Battered businesses to lay off staff - CBI

Referring to Rachel Reeves' decision to raise national insurance contributions (NIC) for employers in the October budget - among other business cost rises - Rupert Soames said business leaders are less likely to employ people in the current climate.

The NIC increase is designed to help fund improvements to public services such as the NHS, but it has come under fire from companies for making it more expensive to employ people.

Mr Soames told BBC Radio 4's Today programme: "The Chancellor told us...there was an unexpected hole of about £22 billion in the government finances, and business was going to have to fill it.

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Battered businesses to lay off staff - CBI
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