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UK businesses plan price hikes and job cuts due to tax increase, BoE survey reveals

share-iconThursday, January 09 comment-icon1 week ago 10 views
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reutersREUTERS
UK businesses plan price hikes and job cuts due to tax increase, BoE survey reveals

Credited from: REUTERS

  • UK businesses foresee a rise in prices and a reduction in workforce due to upcoming increases in social security contributions, effective from April.
  • A Bank of England survey of over 2,000 firms reveals that 54% plan to raise prices, while 53% expect lower employment levels.
  • A substantial drop in business sentiment has been observed since the announcement of a £25 billion hike in payroll taxes.
  • The survey indicates firms plan an average price increase of 3.8% over the next year, amidst inflation concerns.
  • As consumer price inflation hits an eight-month high, the Bank remains cautious about potential interest rate cuts in the future.

For the full article, visit Reuters.

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Uk economy Business sentiment Tax increase Price hikes Job cuts Bank of england
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Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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