Britain’s economic growth was cut in half in the second quarter of the year, official figures show, as businesses grappled with the effects of Rachel Reeves’s tax raid.

The number of people on payrolls has fallen to its lowest level since October 2023, official figures showed, in the wake of Rachel Reeves’s tax raid on businesses.

Britain’s economic growth was cut in half in the second quarter of the year, official figures show, as businesses grappled with the effects of Rachel Reeves’s tax raid.

Output grew only 0.3 per cent between April and June - a sharp slowdown on the previous three-month period when the economy expanded by 0.7 per cent.