Half of British Firms Will Cut Jobs After Budget Tax Hikes, CBI Says
- Business lobby group to hold annual conference in London
- Its boss says members will struggle with higher levies
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Firms across Britain are “in damage control” with nearly half planning to cut jobs after the Labour government’s tax-rising budget, according to the boss of the country’s most influential business lobby group.
Chancellor of the Exchequer Rachel Reeves increased taxes by more than £40 billion ($50 billion) last month, most of which will come from changes to national insurance, a payroll levy.