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UK Businesses Brace for Job Cuts Amid Rising Costs

1/11/2025

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Summary

Story summary

Grant Thornton UK's research shows UK businesses anticipate low profit growth due to higher National Insurance and Minimum Wage costs.
More than 50% of surveyed businesses intend to reduce jobs or halt hiring, particularly medium-sized firms.
The CBI Financial Services Survey highlights declining optimism and profitability, despite increased business volumes.
Companies worry that rising costs from the Autumn Budget will hinder their investment plans.

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Story summary

Grant Thornton UK's research shows UK businesses anticipate low profit growth due to higher National Insurance and Minimum Wage costs.
More than 50% of surveyed businesses intend to reduce jobs or halt hiring, particularly medium-sized firms.
The CBI Financial Services Survey highlights declining optimism and profitability, despite increased business volumes.
Companies worry that rising costs from the Autumn Budget will hinder their investment plans.