The Telegraph | December 2024
While farmers have been galvanised into action against inheritance measures in the budget, the reaction from the business community on imposed taxes such as the increase to employer National Insurance contributions has been muted at best.
Individuals have spoken out, such as Sir James Dyson called the Budget spiteful, Cobra Beer’s Lord Bilimoria warned that it will dampen business growth and Reeve’s sullen reception at the CBI conference spoke volumes. However, it is all just too polite and defeatist.
The reason is simple: most corporations and larger companies need to maintain a positive relationship with the Government, especially the ones most potentially affected by regulatory change. However, this leaves Britain’s next generation of entrepreneurs worryingly unrepresented. Many will look at this more hostile environment and decide that the risk of going it alone is no longer worth it.
There is no doubt that Rachel Reeve’s budget was a huge step backwards: more taxes and more regulation are no recipe for that economic revival. Maybe it is time for businesses to learn from the farmers and get their entrepreneur “tractors” out onto the streets to ensure the Chancellor understands that message.
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