Businesses hit by barrage of global and political tensions

BUSINESSES face an “unprecedented scale” of global tensions which could hit profits, says a survey.

- By Anna Nix

Firms are struggling with ongoing conflicts in Ukraine and the Middle East while tax hikes have also had an impact.

A survey by specialist insurer Beazley found 85% of British business leaders thought political risk was affecting their profitability — up from 70% in January.

With National Insurance rising 1.2% in Chancellor Rachel Reeves’s last Budget and further taxes expected, firms have become more worried.

Bethany Greenwood, at Beazley, said: “Businesses are navigating a risk environment that’s more layered, complex and unpredictable than ever.