N@N

THIRD of firms hit by Budget tax raid plan layoffs or hiring curbs

The article from MSN Money discusses the impact of the UK government's recent tax changes on businesses, particularly focusing on the increase in corporation tax from 19% to 25% for companies with profits over £250,000. According to a survey by the British Chambers of Commerce (BCC), about a third of UK firms are considering layoffs or hiring freezes as a direct response to these tax hikes. The survey also highlighted that 37% of businesses are contemplating reducing investment, and 29% are thinking about cutting staff numbers. This comes at a time when businesses are already facing challenges like high energy costs, inflation, and labor shortages. The BCC has criticized the government's approach, suggesting that these tax increases could stifle economic growth and exacerbate the difficulties businesses are facing. The article also notes that while the government aims to fund public services and reduce national debt through these taxes, the business community feels increasingly burdened, potentially leading to reduced economic activity and job losses.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/other/third-of-firms-hit-by-budget-tax-raid-plan-layoffs-or-hiring-curbs/ar-AA1zcgM3 ]