The closely watched Institute of Directors’ Economic Confidence Index shows business confidence in the economy has nosedived to a record-breaking -72 in July, down from an already gloomy -53 in June. That’s the worst reading since the survey began in 2016 – even lower than during the darkest days of the pandemic…
The IoD surveyed more than 600 business leaders and also found:
The IoD’s Chief Economist Anna Leach blamed Reeves’ tax raid:
“Companies continue to battle cost increases – particularly arising from the national minimum wage and NI changes – and many are frustrated that while the government has been quick to raise costs for business, it has been much slower to deliver improvements to the wider business environment. With ripple effects through the economy from tax changes and signs of consumer retrenchment, many firms report that they are struggling to plan amid a cacophony of risk.”
Meanwhile, retailers are sounding the alarm over another wave of price hikes on the horizon as Reeves gears up for an autumn tax grab. No wonder No.10 had to quietly sack their so-called ‘business champions’…
Red Wall Labour backbencher Jonathan Brash told GB News that Starmer should resign:
“I’m completely fed up about it, and I think it’s got to the point now where I genuinely think that, as far as the Prime Minister is concerned, it’s not a case of if, it’s when.”