Summary
Labour is working to regain trust from business leaders, which it lost after the last Budget announcement. The Budget included a significant rise in employers' National Insurance and an increase in the National Living Wage, causing concerns among businesses. There's a mixed reaction, as some measures show business confidence is down, while others like the Lloyds Bank survey show optimism about the future.
Key Facts
- Labour aims to win back business community support, which was lost due to recent economic decisions.
- The Budget introduced a £25 billion increase in employers' National Insurance.
- National Living Wage increased by 6.7%, with a 16% rise for 18 to 20-year-olds.
- Business leaders like John Caudwell expressed shock at measures impacting businesses.
- Rachel Carrell from Koru Kids mentioned a loss of confidence, hoping for improvements soon.
- The Institute of Directors' confidence measure showed a drop in business confidence.
- The Lloyds Bank confidence survey indicated more positive future expectations.
- Job vacancies fell significantly, especially in the hospitality sector, since the Budget.
