Business confidence has plunged to a record low as tax fears stifle sentiment and hold back growth, a damning new poll has revealed. The Chancellor was urged to come up with a ‘more coherent and credible plan’ for the economy after the findings by the Institute of Directors (IoD), a leading business group. Meanwhile, firms sounded the alarm over the government’s insistence that it will implement a new workers’ rights bill which they say will be a disaster for jobs and the economy. The poll of 588 bosses showed cost expectations hitting new record highs – largely thanks to increasing labour costs. Labour’s NI hike and the sharp rise in the minimum wage as well as concerns over the forthcoming workers’ rights bill were among the factors blamed for the slump.