Some 51% of UK firms surveyed by the accountancy group DJH say they fear higher employment costs in Wednesday's Budget, according to a report the group published on Friday 23 October.
DJH says 45% of firms have paused at least one decision ahead of the Budget, most commonly on investment. More than 20% have paused recruitment plans. Of those surveyed, 48% describe their business mood as cautious and 23% as anxious.
Scott Heath, DJH chief executive, said:
"The message is clear…management teams are fearing more pain is coming their way and their caution is holding back key actions that could accelerate growth."
The BBC reports today that firms in Devon are holding back on hiring and want National Insurance costs cut. Tim Randell of Links Publishing in Tavistock told the BBC he is holding back from filling two posts. Michelle Bunker of WGP Maintenance in Plymouth said: "I want to see National Insurance contributions starting to go down."
The DJH figures have not been independently checked. The BBC accounts are individual examples and are not a representative survey.