Budget tax rises will make it harder to hire, says CBI

Published On Nov 25, 2024, 3:14 AM

The recent budget changes in the UK, particularly tax increases on businesses and changes in National Insurance contributions, are creating a challenging environment for firms, according to the Confederation of British Industry (CBI). This move is expected to undermine investment, as nearly two-thirds of surveyed companies believe the budget will negatively impact UK investment. While unions support wage rises and workers' rights reforms, business leaders argue these tax hikes could hinder growth and competitiveness. Critics of the tax increases contend they are necessary for funding public services, while the CBI calls for reforms to enhance economic growth and flexibility for businesses.