The Confederation of British Industry's (CBI) survey reveals a troubling forecast, with a predicted sharp decline in business activity and hiring across British firms for 2025.
CBI's poll indicated that expectations for growth are at their weakest since November 2022, as businesses brace for the effects of increased national insurance contributions.
Retailers are especially worried, as consumer spending predictions have dropped significantly, suggesting they may face a spending squeeze right when they launch January sales.
The CBI stated that the NICs rise has worsened an already weak demand environment, leading companies to cut back on hiring and output to manage costs.
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