Seesaw

The UK's largest business lobby group has warned that the Chancellor George Osborne's range of new taxes have pushed the country's businesses and economy to the "tipping point".

Publishing its submission ahead of the 2016 Budget in March, the CBI said measures like the apprenticeship levy, the national living wage and business rates, will create a £29 billion bill for businesses over the next five years.

Carolyn Fairbairn, CBI director general, said the "cumulative burden" of these taxes and added costs would force companies in the retail and care sectors particular to collapse under the pressure.

The CBI expects the national living wage to costs businesses £12.6bn by 2020, with the apprenticeship levy adding a further £11.6bn to the bill.

Ms Fairbairn said: "What is coming over very clearly from our members, particularly in the context of a more fragile global economy - is that any more could really tip investment decisions, could tip growth plans, could tip job creation."

She added: "Companies are engaging in very constructive conversations within their businesses and with the government about how to implement the national living wage and how to implement the apprencticeship levy - but it's time for no more, otherwise there is a real risk to prosperity and growth going forward."