Rachel Reeves was dealt an additional blow final evening as figures confirmed enterprise optimism hit a two-year low in January.
An index that measures confidence throughout the British manufacturing industries fell for the fourth consecutive month as companies continued to reel from the Finances.Â
It comes simply days after the Financial institution of England slashed its prediction for UK progress this 12 months by half to only 0.75 per cent. Inflation is forecast to climb to three.7 per cent this 12 months as power payments put extra of a pressure on family budgets.
The index printed final evening by accountancy agency BDO tumbled to 92.20 – the bottom degree since January 2023 – from 93.41 in December. A studying of 100 is common, whereas a rating beneath 95 is unfavourable.
Left-leaning:Â Confidence amongst companies was knocked by Chancellor’s plan to hike Nationwide Insurance coverage contributions and impose an inflation-busting minimal wage rise from April
Confidence amongst companies was knocked by Labour’s plan to hike Nationwide Insurance coverage contributions and impose an inflation-busting minimal wage rise from April, the report stated.
BDO companion Kaley Crossthwaite stated: ‘Our report reveals that supporting progress and addressing workforce challenges should be a key precedence for the 12 months forward.’
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