UK firms plan to raise prices and cut employment after tax hike, BoE survey shows

British businesses expect to raise prices and reduce headcount in response to an increase in employers’ social security contributions that will take effect in April, a Bank of England survey showed on Thursday.

The Bank of England’s Decision Maker Panel – a survey of more than 2,000 firms – showed 61 per cent expected to make lower profits, 54 per cent planned to raise prices, 53 per cent expected lower