UK consumers and businesses have grown more pessimistic about the state of the economy following Labour's tax-raising budget, triggering concerns over hiring and escalating costs.
According to the British Retail Consortium, a survey found that more households are worried about the economy than before the budget announcement, leading to steady spending levels.
The Confederation of British Industry reported that services firms are grappling with elevated wage costs, likely to worsen after the rise in employers' national insurance contributions.
Alpesh Paleja from the CBI stated that the data does not present 'a pretty picture,' citing falling sentiment, weaker hiring intentions, and firming cost pressures.
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