Chancellor accused of trashing the economy and ‘starving businesses of investment’ – London Business News | Londonlovesbusiness.com

The Chancellor Rachel Reeves has been accused of trashing the UK economy after Labour’s tax grabs will put tens of thousands of businesses at risk of closure with the loss of hundreds of thousands of jobs.

All this is down to the Chancellor’s controversial Autumn Budget which has already cost many their jobs this Christmas and over the winter months pensioners will not be able to afford their heating bills.

In an open penned letter to the Chancellor, the Builders Merchants Federation (BMF) is now latest business to warn Labour over the disastrous consequences of their national insurance hikes.

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GB News reported that the BMF has warned the Chancellor that Labour risks “starving businesses and the economy of much-needed investment.”

Alex Veitch, policy director at the British Chambers of Commerce, said companies are as a result of the Budget “scratching their heads to see how growth will be possible in the face of rising costs.

“They are looking to absorb the costs but tell us that will mean scaling back investment, cutting recruitment and, in some cases, making redundancies… These are choices firms didn’t want to be facing.”

Labour has also been given a brutal dressing down by Reform UK’s Rupert Lowe on Tuesday who slammed the government’s “bureaucratic monster state” and their “overwhelming incompetence” in the public sector which is seeing the risk of major job losses.

Amid the Tory leader, Kemi Badenoch’s audience at a summit last night, he sent a direct message to farmers and business owners.

The Great Yarmouth MP wrote on X, “Creating a business, building it up, making it a success – it is bloody hard work.

“There are no sick days, no paid holiday, no excuses. You are on call, 24/7/365. It’s down to you. Sink or swim.

“These are the people actually driving the economy, and they should be treated with far more respect. Small business owners, and farmers, are the backbone of Britain.

“It’s not just Labour, it was the same under the Tories. Record taxes, record incompetence – those taking the risks and generating the wealth are the ones treated with utter contempt by the establishment.

“I’ve built countless businesses, I understand. I genuinely do. Not all of my risks have paid off, that’s the nature of business! But we need to encourage people to try – that means making it worth the gamble. And it is a gamble!

“There needs to be a fundamental reset of the relationship between the productive economy, and the bureaucratic monster state. Who works for who?”