business

Business Reaction To Chancellor's Speech

Rt Hon Rachel Reeves MP

Shevaun Haviland, Director General of the BCC, said: 

“It was encouraging to hear the Chancellor recognising the huge potential of British business to grow the economy and her ambition to make that happen.

“Today’s speech has set the scene for her first budget which will be a huge moment to shape the expectations of business and the public for the years ahead.

“This was a vital moment to lift the tone and for the Chancellor to champion the critical importance of economic growth, increased exports and investment.

“Businesses will be keen to get more detail on how she plans to do this. They will want to know where any increases in the tax burden are likely to fall, but they will welcome the imminent publication of an Industrial Strategy.

“The BCC believes there are three main ingredients needed to make the budget a welcome one for business. It must encourage investment, strengthen the workforce and develop our local economies.

“All eyes will now be turning to October 30th to see if the Chancellor can deliver on the intent that she has set out today. We stand ready to work in partnership with Government to make the UK the best place to start, grow and invest in business.”

Rain Newton-Smith, CBI CEO said:

“The Chancellor hit the right notes in a speech that balanced the need for fiscal responsibility with an optimistic pitch to investors about the strengths of the UK economy. Businesses will be further reassured to hear that while the government won’t duck difficult decisions, they will be taken in the context of a return to long-term sustainable growth.

“Building capacity back into the economy, publishing a new industrial strategy, and reforming business rates will all give investors confidence that the UK is open for business. While stability in terms of the government’s tax plans – particularly around headline corporation tax – will help to deliver a dose of the certainty that businesses crave.”