More than 56% of employers say they will sack staff or freeze hiring if (when) Rachel Reeves hikes taxes yet again at the Winter Budget. According to the Institute of Chartered Accountants in England and Wales (ICAEW), around half of the businesses surveyed said they had already slashed jobs or imposed a hiring freeze following last year’s tax raid, with a similar number warning they would raise prices if Reeves goes any further. Two in five said they would also cut investment…
ICAEW chief executive Alan Vallance will say in a speech today:
“The reality is that Britain faces a damaging cliff edge if the Chancellor decides to raid businesses again at next month’s budget… Tax is holding back growth, so it’s only natural that growing fears over more tax hikes in November are choking off investment, hiring and innovation. Business confidence is fragile, investment is stalling, and everyday decisions are being slowed by complexity, cost and uncertainty. Firms also tell us it’s too expensive to do business, with confidence in free-fall over skyrocketing operating costs amid high taxes, an outdated business rates system and soaring energy bills.”
Meanwhile O2 Arena senior vice president Steve Sayer has warned today that new tax hikes on hospitality will “devastate” live music venues and massively inflate ticket prices. It’s going to be a tough winter…
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