Business Leader Challenges Minister on Economic Growth

Rain Newton-Smith, head of the Confederation of British Industry, is set to challenge Finance Minister Rachel Reeves, urging her to make tough decisions in the upcoming budget to boost economic growth. Newton-Smith suggests broader tax hikes instead of many small increases, warning against another decade of economic stagnation. Reeves is expected to raise taxes significantly, but not income tax, to meet borrowing targets and increase welfare spending. Newton-Smith emphasizes the need for partnership with businesses, especially on energy costs and employment rights, expressing concern over potential changes to pension schemes. Business Minister Peter Kyle is addressing these concerns with consultations on a scheme to cut energy prices for manufacturers and more actions to follow.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.