Bloomberg Daybreak: Europe Edition
Major Job Cuts Coming Says CBI, UK Funds Tax Warning & Germany’s Bond Boost
Nov 25, 2024
A wave of job cuts is looming over UK businesses as nearly half prepare to downsize due to recent tax hikes. Meanwhile, the UK government is contemplating reclaiming pension tax breaks from asset managers to boost domestic investment. In the global arena, economic sentiment shifts with Scott Bessent's Treasury Secretary appointment causing a currency rally. Apple's Tim Cook makes headlines with his visit to China, and negotiations regarding Iran's nuclear program unfold amid rising geopolitical tensions.
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Quick takeaways
- Nearly half of UK businesses are planning significant job cuts in reaction to severe tax increases proposed in the recent budget.
- The UK government is considering stricter regulations on pension fund managers' tax breaks to encourage more domestic investments for economic growth.
Deep dives
Job Cuts in the UK
Nearly half of all businesses in the UK are preparing to reduce their workforce due to the significant tax increases introduced in the latest budget. A recent survey revealed that 62% of companies plan to hire fewer employees in the future as they adjust to financial pressures. This downturn in business sentiment is largely attributed to a £40 billion tax hike aimed at businesses and the wealthy, which has led many firms to enter survival mode. The CEO of the Confederation of British Industry has stated a strong opposition to such aggressive tax rises and will likely advocate for urgent reforms to support retention and hiring at an upcoming conference.
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