A recent survey by the London Chamber of Commerce and Industry highlights significant anxieties among 150 business leaders regarding the government's Autumn Budget, slow growth, and the Employment Rights Bill. A staggering 85% of respondents, predominantly SMEs, feel that economic growth is unlikely under the current government, exacerbated by fears of tax hikes, particularly the rising Capital Gains Tax. The majority believe different measures, such as spending cuts, are necessary for stabilizing public finances, rather than the government's current approach of increasing taxes, which many believe hampers business growth.
This combination of damaging measures has led to 70% stating that they lack confidence in their own business growth when compared to last year.
Businesses do not have confidence that the government can deliver economic growth if it continues along a road of tax hikes and employment regulation.
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