Rupert Soames stated, "The Chancellor told us at the time of the Budget that there was an unexpected hole of about £22 billion in the Government finances, and business was going to have to fill it. In filling in one hole, it's created another, and that hole is a hole in the confidence and trust that business has in the Government. I think sometimes it's not understood, the extent of the impact, particularly on companies that employ lots of people."
Soames emphasized the potential consequences of increased national insurance, saying, "We think the national insurance increases are going to feed through into inflation, we're going to have a lower growth rate, but also, because of things like the Employment Rights Bill coming along, you're going to find people laying people off and less likely to employ."
He expressed concern over the prospective Employment Rights Bill, commenting, "I think not only will they not employ, I think they will let people go. I think there could be quite an ugly rush before some of these things come into force."
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