Rain Newton-Smith stated that tax rises are affecting firms' decisions on hiring and investment, expressing concerns over the challenging economic environment due to National Insurance hikes.
During her address to the CBI, Newton-Smith emphasized that the impact of tax increases is significant, stating 'When you hit profits, you hit competitiveness, you hit investment. You hit growth.'
The CBI's recent survey reveals that almost two-thirds of responding companies perceive the Budget as detrimental to UK investment, highlighting widespread concern among businesses.
Major retailers, including Tesco and Amazon, have expressed apprehensions regarding the tax changes, warning that they could lead to substantial increases in operational costs and prices for consumers.
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