Business Veterans Criticize Britain's Tax-Raising Budget

Stuart Rose criticizes the latest UK budget, arguing it misunderstands business, potentially raising prices and harming investment. Finance Minister Rachel Reeves faces backlash as the budget imposes £25 billion in new taxes on businesses. This could impact investment, pay, and food supply, according to industry experts.

Britain's recent tax-raising budget reveals a significant disconnect between the government and the business sector, says Stuart Rose, a seasoned veteran in the retail industry. The criticism emerged following Finance Minister Rachel Reeves’ October 30th budget, which introduced an additional £25 billion annually in corporate taxes aimed at regenerating public services.

Rose, former chairman of Asda, Ocado, and Marks & Spencer, described the government's approach as lacking in understanding during an interview with LBC radio. He highlighted that pre-budget consultations with businesses were ineffective, accusing Reeves of having 'tin ears' when engaging with the sector.

The newly imposed taxes could potentially drive up prices and restrict wage growth, sparking concerns about stifled investment. Rose warned that without sufficient investment, economic growth could stagnate, leading to a more profound impact on the nation’s broader economic landscape.

(With inputs from agencies.)