Since the U.K.’s Labour government released its budget last month, the resounding tone within businesses has been of panic and concern over a steep tax increase worth £40 billion, largely funded by hikes in employers’ contributions to national insurance.
Higher business charges will leave firms scrambling to control costs while ensuring profits remain unharmed and put them in “damage control” mode, according to the CEO of the Confederation of British Industry (CBI), the country’s most influential lobby group.
