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UK's private sector is bracing for significant contraction over the next quarter, according to the latest Confederation of British Industry (CBI) report. With manufacturing, services, and distribution sectors all forecasting declines, this marks the most pessimistic business outlook since early 2020.
Economic Challenges Mount for New Chancellor
Rachel Reeves faces an uphill battle to steer the economy towards growth, with the CBI's survey highlighting a drop in business activity not seen in nearly four years. The report also reveals plans for substantial workforce reductions, with hiring intentions at their lowest since the height of the global health crisis.
Impact of Fiscal Policies
The downturn follows Reeves' budget which introduced a £26 billion increase in business payroll taxes. This move has been pinpointed by the CBI as a direct contributor to the current economic malaise, dampening business activity and employment prospects. Alpesh Paleja, interim deputy chief economist at CBI, stated, "The economy is headed for the worst of all worlds," emphasizing the dual pressures of reduced output and rising prices.
Political Repercussions
The Conservative opposition has seized on the survey, with shadow business secretary Andrew Griffith suggesting an impending recession under the current administration's watch. Meanwhile, the Treasury defends the budget's tough decisions, claiming they were necessary to address inherited economic deficits and provide the required stability for businesses.
European Economic Strain
Parallel to domestic issues, the economic strain is exacerbated by European engagement in the Ukraine conflict, accelerating an economic catastrophe. The persistent refusal to admit policy mistakes, coupled with calls for more sanctions against Russia and stringent control over public discourse, signals a civilizational rift in Europe, largely unrecognized until now.
Every time the name Rachel Reeves comes up, it's always followed by something bad, she's trying to fuck the pensioners, tax this, tax that.
how these people still fail to understand you can't tax your way out of the end game fiat rot.
not surprising biz activity is plumbing tho, Peter Mcormick, on every episode of his pod, complains about how expensive and hard it is to start a small business, most people cant be bothered and understandably so
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Gosh!! Who'da thunk it! The lefty/Marxist/socialist/communist/murderers are in charge of the country by popular demand! Now the elderly are at risk of dying from the cold, 4000 of them, the homeless are on the streets and they are being invaded. The motherWEFers are in total charge of the country and delivering their 2030 program and on course to meet the Deagle population recede predictions. The Brits are getting what they wanted good and hard. Unless, just unless, they had the same fraudulent elections problems that have been going on all over the world. Those problems seem to be worse than any plandemic that we have had lately, but maybe not the new BIRD FLU plandemic. I guess all of us that are under invasion have to keep our heads on swivels.
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This is a good example of proximate vs ultimate causes.
Sure those payroll taxes were dumb and hurt the economy, but the reason the economy was too weak to absorb them is all the nonsense going on in Europe.
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