Business leaders warn Reeves about the impact of her Budget tax rises

Business leaders have warned chancellor Rachel Reeves at a private meeting that the economic environment is “extremely challenging”, with companies facing major uncertainty due to her tax-raising Budget and the government’s planned employment reforms. Reeves on Wednesday attended a meeting of the British Chambers of Commerce “business council”, a group of senior corporate figures who gather every quarter to discuss the economic landscape.

Martha Lane Fox, president of the British Chambers of Commerce, said after the meeting there was “no hiding the reality” that the Budget had been tough for business. “Millions of firms are now facing a raft of increased costs in the coming months,” she added. “Higher bills will impact on investment and recruitment. Our latest forecast also suggests the ripples will be felt across the wider economy.

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