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UK Business Confidence Dips to Second-Lowest Level Since 2022

More than half of firms cite tax increases as their main worry; fewer than half expect turnover growth; the BCC is calling for a freeze on business levies.

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Shevaun Haviland, director general of the British Chambers of Commerce, called on the government to rule out any further business taxes

Overview

  • 56% of firms identify tax burdens as their top concern following April’s increases in employer National Insurance and the minimum wage.
  • Business confidence has fallen to its second-lowest level since 2022, with only 49% of firms expecting turnover growth in the next 12 months.
  • The survey found 20% of businesses anticipate worsening turnover and 31% predict no change in their revenue over the year ahead.
  • Companies have scaled back their planned price rises to 44%, down from 55% last quarter, easing some inflationary pressures.
  • The British Chambers of Commerce has formally urged the government to rule out any further business taxes in this year’s budget.