Labour's 'wrecking ball' Budget is blamed for business gloom and fears of job losses

THE Budget has dealt a devastating blow to business confidence with firms faced with making difficult choices, say experts.

- Jon King

It came as a slew of negative indicators suggested Chancellor Rachel Reeves's pledge to boost the economy was in tatters.

Shadow business secretary Andrew Griffith said: "It becomes clearer by the day that Labour's wrecking ball Budget of broken promises will decimate business and take the high street with it." The Confederation of British Industry says the private sector expects activity to fall in the three months to February, the first time in 2024 this Growth Indicator has been negative.

Alpesh Paleja, economist at the CBI, said: "As we head into 2025 expectations for growth have taken a decisive turn for the worse. Our surveys suggest anticipated activity was already weakening heading into the October Budget and the Chancellor's announcements have left businesses with even more tough choices to make."

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