A CBI survey highlights a persistent slowdown in private sector activity, suggesting a further decline in output over the next three months. Firms are preparing to cut staff and raise prices in response to increasing national insurance contributions and ongoing economic challenges. The sentiment among businesses has dipped post-budget announcements, prompting companies to reassess budgets quickly. Many plan to mitigate higher costs by trimming investments and reducing expenses. This stagnation has been evident since mid-2022, indicating a concerning trend for economic growth amidst rising operational costs.
The CBI survey reveals a persistent slowdown in private sector activity, indicating businesses plan to cut staff and raise prices due to economic pressures.
Output in the private sector is projected to decline over the next quarter, reflecting ongoing stagnation since mid-2022, as firms grapple with rising costs.
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