Business confidence plummets to the lowest level of the year
The Chancellor has been dealt a fresh blow as more bosses unveiled plans to cut jobs and raise prices by 2025 as business confidence plummeted.
A survey by Lloyds Bank shows that optimism has eroded and that 2024 will end at the lowest level of the entire year.
And the Confederation of British Industry today warned that the economy is heading for the ‘worst of all worlds’.
According to Lloyds, business confidence fell by two percentage points to 39 percent in December, following a gradual decline since Labor won the election.
Under pressure: Rachel Reeves has suffered a fresh blow as more bosses unveiled plans to cut jobs and raise prices by 2025 as business confidence plummeted
And 11 percent of businesses said they expect to be less busy next year, up from 8 percent a month earlier.
The dip led to an overall drop in trading prospects by eight points to 47 percent – the lowest result since June. More than half of the 1,200 companies surveyed said they would hire more workers by 2025, but 19 percent said they would cut jobs.
And 64 percent of companies plan to increase prices next year.
However, for the first time since August, there was a slight increase in optimism about the broader economy.
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