British businesses are facing a cliff edge as costs rise and support schemes end.
Today will mark the point that the final vestiges of government support for business, put in place during the pandemic, are stripped away, while taxes and bills rise.
Businesses have suffered a dramatic collapse in confidence as the war in Ukraine adds to rising costs.
A monthly gauge of business sentiment carried out by the Institute of Directors fell sharply from -4 to -34 in March. It is the lowest point since October 2020.
Some 53% cited rising energy costs as hurting their business, followed closely by the prospects for the UK and world economy following the invasion of Ukraine.
And 23% warned that business investment would be lower as a result.
Roger Barker, policy chief at the Institute of Directors, said it was “a watershed moment for the economy and the government needs to step in”.
