Business news live: Bonds latest after yields rise and Microsoft cut 4% of workforce in AI push – UK Times

UK firms are signalling growth might be off the cards for most and confidence about what lies ahead is evaporating.

A report from the British Chambers of Commerce (BCC) highlighted the precarious nature of the situation.

“UK businesses are rattled, with less than half expecting to see their turnover grow in the next year, according to the BCC. Weak confidence means businesses are likely to be battening down the hatches, and that doesn’t bode well for economic growth. The tax burden appears to be high on the list of concerns for businesses, which is only to be expected after the big national insurance hike they’ve had to swallow,” said Danni Hewson, head of financial analysis at AJ Bell.

“The problem is the chancellor is likely to be coming back for another tax raid this autumn, albeit unlikely to be at the same scale as 2024. Given that businesses have already done a lot of heavy lifting, it seems more likely the tax hammer will fall elsewhere. But even if consumers get saddled with tax rises, that limits their discretionary spending and still spells trouble for UK businesses.”

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