Reeves’ Budget Backlash In Full: Dozens of Business Leaders Slam Chancellor
Reeves’ tax-hiking budget has bombed spectacularly with business leaders. Her line to the private sector of ‘I’m an economist, so I know what I’m doing’ has aged about as well as her HBOS credentials on her online CV. Since her budget dropped, a flood of furious bosses have lined up to condemn her measures. Guido give you a list of just a few of the blistering reactions so far…
- Over 80 retail bosses wrote to Reeves, slamming the budget for “holding back current investments” triggering “store closures and job losses.” Bosses from M&S, Sainsbury’s, Morrisons, IKEA UK and IRL, Aldi, Asos, Primark, WH Smith, and Tesco were amongst the signatories. They argue NICs threshold changes are “regressive” and “unsustainable”…
- Over 200 hospitality bosses, including of JD Wetherspoon, Wagamama owner The Restaurant Group, Young’s, and Whitbread, signed a letter warning they’ll be forced to shut sites and slash jobs after the Chancellor’s tax raid.
- Sainsbury’s CEO Simon Roberts blasted the “barrage of costs” which he said would stoke inflation, with “too much pressure in the pipe.”
- M&S Chairman Archie Norman warned that the lowest-paid workers will “bear the brunt” of Labour’s tax grab.
- Asda Chairman Lord Stuart Rose predicted price hikes, calling the measures “a big burden for business.”
- McVitie’s boss Salman Amin said it’s becoming “harder to understand the case for investment” in the UK after the budget.
- Primark CEO George Weston called it a “tough budget for the high street,” with a disproportionate tax burden falling on business.
- UK Hospitality’s Kate Nicholls warned of “painful” times ahead for hospitality.
- Pimlico Plumbers founder Charlie Mullins accused Labour of lying its way into power: “If you batter employers for £25 billion, it hits workers and the economy.”
- Teepee Electrical’s Steve Clarke said Reeves’ decisions will cripple investment in tech and hiring.
- Finance company AJ Bell’s Laura Suter said it’s a “budget to batter business” that will hit the public in the pocket as companies pass on costs.
- Former Pizza Express Chairman Luke Johnson blasted Labour’s “ignorance of business, entrepreneurship, and wealth creation.”
- Toby Tallon at Evelyn Partners said Labour’s NIC hike is a “credibility killer” and a clear manifesto breach.
- Cobra Beer founder Karan Bilimoria called the hike a “huge burden” and a “big dampener” on growth.
- Admiral Taverns pub chain boss warned the cost of doing business is crushing publicans thanks to Reeves.
- James Dyson of Dyson branded the budget “ignorant” and “spiteful,” accusing Labour of “killing off family businesses and economic growth.”
More big bosses are sure to come out against Reeves’ business-bashing budget. Guido will update this list when they do…