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Business leaders have criticized Chancellor Rachel Reeves, who, according to them, has failed to deliver on her promises to “kick-start growth” with her latest Budget, despite the £26 billion of tax increases aimed at increasing welfare spending and strengthening the UK’s fiscal buffer.  Critics of the Budget say the government provided little pro-growth stimulus, apart from avoiding measures such as increased taxes on banks. At the same time, they said the costs are hitting companies hard, including a sharp rise in the minimum wage, upcoming bills soon to strengthen the rights of working people, and April’s higher employer national insurance contributions. Reeves had promised that boosting growth would be a “national mission” for Labour. But many executives said they saw little sign of that ambition in her plans. Andrew Murphy, chief executive of toy retailer The Entertainer, called the wide range of tax-raising policies “the least bad that it could be,” adding that it was “bloody exhausting digesting this smorgasbord of stuff compared to the promises of big reform and big ideas [Labour] gave when they came in.” Shevaun Haviland, Director-General of the British Chambers of Commerce, was not pleased with the Budget, noting that it fell short of providing a more compelling blueprint for delivering transformational growth. A FTSE 100 board director likened the Budget to “a debt restructuring rather than an equity story,” noting a lack of positive sentiment. A FTSE 250 chief executive added: “There is nothing for growth in this Budget; the only thing they have done is increase the size of the public sector again, which is not the side of the economy responsible for growth.” The Office for Budget Responsibility echoed this sentiment, saying none of the new policy measures were significant enough to adjust its outlook for potential growth.  Rising costs are hitting…

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Filed under: News - @ November 27, 2025 8:26 am