The Confederation of British Industry (CBI) has raised alarms about the impact of high taxes on UK businesses, warning that they are at a 'tipping point.' In a speech delivered by CBI chief Rain Newton-Smith, she criticized the Labour party's approach, which seems to treat businesses as a 'cash tap.' The CBI noted that taxes paid by businesses reached a record £345 billion last year, with significant contributions from increased National Insurance. Newton-Smith emphasized that the private sector is already struggling under the weight of rising costs, including hikes in National Insurance, the minimum wage, and energy bills. She urged that the government must not add to these pressures, especially during a time of global instability, such as the ongoing Iran war. The CBI's findings indicate that business taxes have grown by 13% in the last financial year, which has negatively affected profitability. Newton-Smith warned that the current political turmoil within Labour could lead to a 'summer of stagnation' for the economy, as businesses need decisive government action to thrive.