Sir Keir Starmer highlighted the grim state of the UK economy as official data confirmed stagnation, suggesting economic recovery may be far off. The government is under pressure after tax increase proposals were introduced, which could further impact business confidence.
Paul Dales from Capital Economics noted, "the economy ground to a halt in the second half of the year due to lingering higher interest rates, weaker overseas demand and concerns over the budget," indicating the economic challenges facing the UK.
Concerns about future tax hikes linger as Starmer's spokesperson acknowledged that while the October budget attempted to address fiscal issues, the possibility for more tax rises exists in light of economic constraints.
Rachel Reeves’s budget, bringing in significant tax increases, has been associated with a dip in business confidence, highlighting the potential negative effects of fiscal measures on economic activity and growth.
Collection
[
|
...
]