The current private sector outlook is negative, with expectations for growth dipping for the first time this year, reflecting declining business activity in key sectors.
Alpesh Paleja emphasized that "as we head into 2025 expectations for growth have taken a decisive turn for the worse," indicating a broader economic contraction.
Firms are expressing concern over hiring intentions, which are at their weakest since the end of the COVID-19 pandemic, citing rising labor costs as a significant factor.
Businesses are looking for government support to revitalize the economy, particularly through reforms in business rates and more flexibility in apprenticeship funding.
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