The Chancellor has been dealt a further blow as more bosses revealed plans to cut jobs and raise prices in 2025 as business confidence tumbled.
A survey by Lloyds Bank found that optimism has been eroded to end 2024 at the lowest level recorded all year.
And the Confederation of British Industry today warned that the economy is headed for the ‘worst of all worlds’.
According to Lloyds, business confidence fell two percentage points to 39 per cent in December after a gradual decline since Labour won the election.
And 11 per cent of firms said they expect to be less busy next year, compared with an 8 per cent reading a month earlier.
The dip led to an overall eight-point drop in trading prospects to 47 per cent – the lowest result since June. More than half of the 1,200 firms surveyed said they would hire more workers in 2025, but 19 per cent said they will cut jobs.
And 64 per cent of companies plan to hike prices next year.
However, there was a slight uptick in optimism about the broader economy for the first time since August.
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