The government faces increasing pressure to revitalize the economy as businesses anticipate job cuts and price hikes. The CBI indicates that many firms are reassessing budgets due to recent policy changes. Analysts suggest that economic activity has stagnated since mid-2022, and there is no sign of recovery in the new year. The Bank of England faces challenges in cutting interest rates amid rising inflation. Meanwhile, many households are bracing for financial strain, highlighting the urgent need for effective governmental measures to stimulate growth.
The government is under growing pressure to get momentum back into the economy amid warnings that businesses plan to cut jobs and raise prices.
The CBI said private sector firms were urgently assessing their budgets to offset measures announced in last October's budget.
There is an urgent need to get momentum back into the economy. The government can help shift the UK's economic narrative with more determined focus.
Financial markets expect Threadneedle Street to cut borrowing costs by 0.25 percentage points to 4.5% at its next policy meeting.
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