Rachel Reeves reacts to news of economy contracting in January
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The Bank of England has dealt another blow to Rachel Reeves, after it warned that the Government’s longed-for economic growth will not appear soon. Announcing that interest rates will remain at 4.5%, the Bank released a new appraisal of the economy and warned that the Chancellor’s policies have hit business confidence.
In a statement the central bank said: “While UK GDP growth estimates have been slightly stronger than expected at the time of the February Monetary Policy Report, business survey indicators generally continue to suggest weakness in growth and particularly in employment intentions. In recent quarters, subdued activity has been judged to reflect both demand and supply factors.” It added: “Based on the Committee’s evolving view of the medium-term outlook for inflation, a gradual and careful approach to the further withdrawal of monetary policy restraint is appropriate.”
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READ MORE: Bank of England interest rates decision doubts as 'cracks start to form'
Rachel Reeves has been dealt another blow (Image: Getty)
The Chancellor has insisted there is “still work to do to ease the cost of living.”
However she has been slammed over the bank’s latest growth prediction, with Conservative Shadow Business Secretary Andrew Griffith placing blame at Rachel Reeves’ door.
He told the Express: “The bank is right to note every business survey shows weakness in confidence and bosses not hiring.
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“That’s a direct consequence of labours jobs tax and 300 page employment red tape bill.”
At PMQs yesterday Kemi Badenoch dedicated the sparring match with Keir Starmer to the so-called Jobs Tax.
Businesses are warning that the rise in employer national insurance contributions will hit wages and employment.
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Sir Keir Starmer refused to to agree to an exemption for hospices, pharmacies and care homes, which will also be hammered by the tax rise.
Ahead of the tax coming in from April 6, businesses have already been cutting jobs and slowing recruitment, according to two surveys.
The polls revealed that, in January, firms let people go and stopped hiring new employees at the highest levels in over a decade.
The primary rate of employer NICs will increase from 13.8% to 15%, and the minimum earnings to warrant these payments will fall from ￡9,100 to ￡5,000 a year.
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According to data from accountancy and advisory firm BDO, private sector employment dropped to its lowest since 2012, and business confidence plummeted to a two-year low.
The CEO of the REC, Neil Carberry, said: "An autumn of fiscal gloom, difficulty navigating significant -upcoming tax rises, and little progress on the practicalities of a costly new -approach to employment rights are all acting as brakes on progress.”
Jon Holt, group chief executive and UK senior partner at KPMG added: "It is unlikely that we will see any significant improvements in the survey data over the near term, as hiring stays muted and staff availability continues to rise."