UK employers are preparing for significant redundancy rounds due to plummeting business confidence, fuelled by rising national insurance contributions and increases in the national living wage. The CIPD reported the highest redundancy intentions in a decade, reflecting concerns over economic stability and pressure on Chancellor Rachel Reeves following disappointing growth data. Businesses, particularly in the food and accommodation sectors, are particularly pessimistic, with confidence plummeting according to the FSB survey. Rising inflation and unemployment add to the tensions, causing unrest in Labour ranks, fueling criticism against government economic policies.
Employers are initiating the largest redundancy wave in ten years, driven by increased national insurance contributions and the rising national living wage.
The CIPD survey indicates that employer confidence is at a historic low, with intentions to lay off employees at their highest level since before the pandemic.
Small businesses are especially alarmed, showing a dramatic drop in confidence, primarily due to the anticipated tax rises and proposed changes to employment rights.
The forthcoming economic climate is marked by expected inflation and unemployment increases, causing unrest among Labour MPs and intensifying scrutiny on Reeves.
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