“We’re going to have a lower growth rate, but also, because of things like the employment rights bill coming along, you’re going to find people laying people off and less likely to employ,” Soames explained.
The National Insurance increase, set to take effect in April, comes amid growing speculation that market pressures on government borrowing could lead to further fiscal adjustments.
Industry Skepticism Toward Government
Soames expressed concerns about the government’s approach to managing economic challenges, saying, “The government has set out to fill this black hole but has created another hole in the confidence and trust that business has in government.”
The business community’s unease adds to the challenges facing the Labour government as it balances fiscal policy with efforts to maintain economic growth and stability.
