UK Businesses Halt Hiring Due to Budget Speculations
UK businesses are delaying hiring and investment due to uncertainty over tax hikes in the upcoming Budget on October 30. The Confederation of British Industry reports businesses await clearer economic direction. Despite a slight GDP growth in August, the economic outlook remains weak. Chancellor Rachel Reeves is expected to announce tax changes amid high debt, with potential impacts on capital gains tax. Meanwhile, Scottish Power plans significant investments to expand the electric grid as the government pushes for renewable energy by 2030.
Businesses in the UK are postponing hiring and investment due to uncertainty surrounding potential tax hikes in the upcoming government Budget on October 30.
According to Ben Jones from the Confederation of British Industry (CBI), firms await clarity on new economic policies.
Recent data indicates a 0.2% GDP growth in August driven by sectors like construction and retail, but the outlook remains weak.
Amid debates over tax policies, Chancellor Rachel Reeves is expected to announce changes as the government grapples with high debt and inflation.
Proposals could include raising capital gains tax, impacting businesses and investments.
Scottish Power, however, pledges increased investments to expand the UK's electric grid, reflecting some optimism.
The government aims for a shift to renewable energy by 2030, though concerns over feasibility persist.
According to Ben Jones from the Confederation of British Industry (CBI), firms await clarity on new economic policies.
Recent data indicates a 0.2% GDP growth in August driven by sectors like construction and retail, but the outlook remains weak.
Amid debates over tax policies, Chancellor Rachel Reeves is expected to announce changes as the government grapples with high debt and inflation.
Proposals could include raising capital gains tax, impacting businesses and investments.
Scottish Power, however, pledges increased investments to expand the UK's electric grid, reflecting some optimism.
The government aims for a shift to renewable energy by 2030, though concerns over feasibility persist.
