A recent CIPD survey reveals that UK employers are preparing for the largest wave of redundancies in a decade due to falling business confidence driven by rising costs, tax hikes, and increasing living wage. The Labour government's economic management has come under scrutiny, especially following narrow avoidance of recession. Small businesses report a drastic decrease in confidence, particularly in hospitality and retail sectors. With inflation and unemployment projected to rise, business leaders express concerns over the future, especially with upcoming changes like the employment rights bill.
"The fourth-quarter blues reported by small firms underline how urgently the government's growth push is needed. Small firms are understandably nervous about their prospects as 2025 gets under way."
"Redundancy intentions are at their highest level in 10 years, excluding the exceptional period of the Covid-19 pandemic."
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