CBI Warns New Tax Policies Hurt Job Growth

CBI Warns of Job Growth Slowdown Due to New Tax Policies; Unemployment Expected to Remain HighThe Confederation of British Industry (CBI) is expressing concern over new tax policies that are hindering job growth and could lead to increased unemployment. The CBI points to a significant increase in National Insurance contributions and a rise in the minimum wage, which are making it more expensive for businesses to hire. Despite the governments claims of job growth, the CBIs economic forecast predicts sluggish private sector employment next year due to these increased hiring costs. Unemployment is currently at five percent and is expected to remain high through next year and into 2027. The CBI also notes that government spending is causing economic growth, but this is a short-term boost, not a fundamental improvement. Business investment is projected to shrink next year, and cautious households are saving more, making government spending the main driver of growth in the coming years.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.