UK business sentiment is at its lowest level since Liz Truss’ Mini Budget saga, with the sour mood driven by concerns over last year’s Autumn Budget tax hikes.
In the largest poll of business sentiment since October's Budget, the British Chamber of Commerce's Quarterly Economic Survey found concerns about tax, including national insurance (NI), has spiked. In her maiden Budget, Chancellor Rachel Reeves increased NI by 1.2 percentage points and at the same time lowered the threshold at which employers start paying the tax on each employee's salary from £9,100 a year to £5,000. Labour forecasts that this change would generate around £25 billion, accounting for more than half of the £40bn of overall tax rises announced in the Budget. ...
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