A majority of British businesses plan to cut pay increases in response to upcoming payroll tax hikes, according to two surveys. Research firm Incomes Data Research (IDR) found that 69% of employers are likely to slow wage growth, with over half "extremely likely" to do so. One-third may cut jobs, while others will absorb costs through lower profits.
The Bank of England (BoE) is monitoring these reactions ahead of its February 6 interest rate decision. While a 0.25% rate cut is expected, the longer-term outlook is uncertain.
Meanwhile, a Confederation of British Industry (CBI) survey shows businesses remain pessimistic, with slight improvement from December.
Info via Reuters, more here.
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Finance Minister Rachel Reeves defends the tax hikes as necessary for stabilizing public finances. Earlier on reeves:
UK's fin min Reeves to release corporate pension funds to help investment fuel growth This article was written by Eamonn Sheridan at www.forexlive.com.Hence then, the article about a majority of uk businesses plan to cut pay increases was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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