A bullish Rachel Reeves today dismissed business anger over her Budget tax raid, insisting no one has better ideas. The Chancellor acknowledged anxiety about the impact of the measures in her fiscal package during the CBI conference. She defended her stance by saying, 'What I haven't heard are many alternatives.' She claimed she was 'proud' to have 'dealt with the problems' and suggested it would be the last major tax hike this Parliament.
However, concerns remain that Labour may need even more money. A survey of CBI members found that half are now looking to cut jobs, while two-thirds are slashing recruitment plans. The CBI chief executive, Rain Newton-Smith, reminded Reeves that growth is impossible unless business is allowed to prosper. Rupert Soames, the CBI chair, commented that 'business has been the cash cow and it's been milked.