A recent survey indicates a notable decline in UK business confidence, reaching the lowest point in over two years. The Institute of Chartered Accountants in England and Wales reported on growing apprehensions amongst companies regarding potential tax increases and the ramifications of Donald Trump's ongoing global trade war. Business confidence fell to -3, driven by high tax worries and negative sales expectations. Although February showed unexpected economic growth, concerns about job losses and inflation continue to loom. The government’s recent tax changes and the rising cost pressures amplify worries for the business sector's future prospects.
UK business confidence has fallen sharply to its lowest level in over two years, driven by concerns over tax increases and Trump’s trade policies.
The ICAEW highlights that the first quarter of the year has been extremely tough for companies as they face record tax worries and cost pressures.
Suren Thiru noted that anxiety over future sales performance and recent tax hikes have contributed significantly to the downturn in business sentiment.
Despite a resilient job market and growth figures showing outperformance, business surveys reveal employers are shedding jobs at alarming rates.
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