Surge in UK Business Closures Following Tax Increases

Reported 29 days ago

UK business closures have surged by 64% year-on-year, with over 1,022 companies filing for shutdown in the week ending November 8, 2024. This increase follows the Labour government's reduction of tax breaks and hikes in levies. Chancellor Rachel Reeves is set to address the challenges posed by this budget, as many business owners began winding down operations in anticipation of the tax changes, including a rise in capital gains tax. Economic growth is now under scrutiny, with forecasts suggesting a slowdown.

Source: YAHOO

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