fiscal statement

The employers’ number expecting a rise in staffing levels surged for the first time in five months which portrayed the better outlook of almost half of firms. However, the outcomes underscore the turmoil in the economy after the sudden resignation of UK’s former prime minister Liz Truss and handed power to Rishi Sunak

United Kingdom (UK) business confidence reached to its lowest since the beginning of Covid-19 from March 2021. It was when the UK was fighting with a coronavirus lockdown in spite of few firms expecting a growth in trading prospects. Analysts believed that confidence fell 1 point to 15 per cent in October.

The employers’ number expecting a rise in staffing levels surged for the first time in five months which portrayed the better outlook of almost half of firms. However, the outcomes underscore the turmoil in the economy after the sudden resignation of UK’s former prime minister Liz Truss and handed power to Rishi Sunak.

Reversing all the tax cuts offered, the new government is planning a fiscal statement on 17 November which will focus in tightening austerity on the public finances.

Experts believe that moving towards winter months, energy price increases will start to showing bad effects and continued pressure on pay expectations is still being witnessed.

The confidence has seen marginal fall this month, and this has come in a time of great economic uncertainty, according to an analyst.