The UK economy showed unexpected growth, yet Chancellor Rachel Reeves remains unsatisfied with GDP figures. Facing potential staff redundancies due to a National Insurance tax increase, businesses express low confidence and fear layoffs, as reported by the Chartered Institute of Personnel and Development. The Federation of Small Businesses noted dire levels of confidence among members, the lowest since the pandemic. In addition, the construction sector warns about a workforce shortage impeding Labour's goal of building 1.5 million homes over the next five years.
Critics warned that tax increases represented a burden on the economy, with many businesses planning redundancies and reducing hiring as a direct result.
Business leaders emphasized the immediate need for the government to prioritize economic growth, reflecting concerns about low confidence among small businesses.
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