Rain Newton-Smith, chief executive of the Confederation of British Industry, highlighted that the Autumn Budget was unexpected and has led to concern over job losses and reduced profit margins for businesses.
Newton-Smith stated: "What really defines growth is the decisions made in boardrooms up and down the country. After the Budget, the answer we're hearing from so many firms is still 'not yet'".
The government spokesman emphasized that last month’s Budget aimed to repair public finances without imposing higher taxes on working people, stating, "difficult choices to repair the public finances... alternatives were more austerity, more decline...".
Newton-Smith warned: "The rise in national insurance, the stark lowering of the threshold, caught us all off guard, putting a heavy burden on business alongside other rising employment costs."
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