UK economy: Firms prepare to cut staff as they brace for slowdown, CBI says
A persistent slowdown in activity among private sector firms could weigh on economic growth over the coming months, with businesses set to cut staff and raise prices, according to a survey.
The upcoming increase to national insurance contributions has prompted firms to assess their budgets urgently, the Confederation of British Industry (CBI) said.
Output across the private sector is expected to drop over the next three months, having fallen over the previous three-month period, the survey found.
Activity has been flat or falling since the middle of 2022, reflecting a prolonged period of stagnation.
https://www.cityam.com/businesses-prepare-to-cut-staff-as-they-brace-for-slowdown-cbi-finds/