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Chancellor Rachel Reeves admits economy 'isn't working well enough'
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Rachel Reeves has been urged by business leaders to walk back a pledge not to raise taxes on working people ahead of the budget.
The chancellor is expected to present a package of tax rises in her 26 November statement as economic growth continues to stagnate, although she’s been constrained by Labour’s manifesto pledge not to raise taxes on working people.
The Confederation of British Industry (CBI)’s chief executive, Rain Newton-Smith, told The Guardian that the chancellor can’t “raid corporate coffers again” and should look elsewhere.
“The fact is that geopolitics and global markets have shifted. The world is different from when Labour drafted its manifesto, and when the facts change so should the solutions,” she wrote.
“The chancellor cannot raid corporate coffers again so she must look elsewhere, embracing long-term strategic tax reforms rather than maintaining a slavish adherence to manifesto promises on tax or ideas based on the world as it was 18 months ago.”
It comes as Keir Starmer has reportedly created a “Budget board” of top ministers and Treasury officials to try and boost economic growth.
Key Points
Reeves urged to break tax promises by business headsUpcoming Budget risks fracturing new CabinetLabour deputy leadership candidates to make their pitch in hustings
3 hours ago
Upcoming Budget risks fracturing new cabinet
Sir Keir Starmer has only just reshuffled his cabinet, but the upcoming Budget could see it fracturing in the near future.
Divisions could become clear as Chancellor Rachel Reeves works on a Budget which could involve tough choices as she tries to cut costs or raise taxes to fill a black hole in the public finances.
Downing Street said the Chancellor told ministers during Tuesday’s cabinet meeting: “The entire autumn, and beyond, must be about growing the economy in a way that makes working people better off and provides the revenues we need to fund our public services.”
Chancellor Rachel Reeves was present as Sir Keir Starmer told his Cabinet that economic growth is the top priority (Toby Melville/PA) (PA Wire)
She said the Government would “deliver economic stability and public investment so that consumers have the confidence to spend and businesses have the confidence to invest”.
Ms Reeves acknowledged here was more the Government “must do to attract international investment, drive jobs and growth across the country, get Britain working, back the builders and not the blockers, and buy British”.
Athena Stavrou10 September 2025 07:36
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Labour deputy leadership candidates to make their pitch in hustings
Labour deputy leadership hopefuls are set to make their pitches to fellow MPs in hustings on Wednesday, with Bridget Phillipson emerging as the early frontrunner.
The hustings is expected to happen in private online on Wednesday evening after the latest nominations figures are released.
Former Commons leader Lucy Powell, who was sacked by Sir Keir Starmer in his reshuffle, was close behind with 35 of the 99 overall nominations.
Backbencher Bell Ribeiro-Addy had eight, Commons Foreign Affairs Committee chairwoman Dame Emily Thornberry seven, Paula Barker three and housing minister Alison McGovern came last with two nominations.
The candidates have until 5pm on Thursday to secure the support of 80 MPs in order to reach the next round of the contest.
Education Secretary Bridget Phillipson (Aaron ChownPA) (PA Wire)
Athena Stavrou10 September 2025 07:33
3 hours ago
Reeves urged to break tax promises rather than target businesses
Rachel Reeves has been urged by business leaders to walk back a pledge not to raise taxes on working people ahead of the budget.
The chancellor is expected to present a package of tax rises in her 26 November statement as economic growth continues to stagnate, although she’s been constrained by Labour’s manifesto pledge not to raise taxes on working people.
The Confederation of British Industry (CBI)’s chief executive, Rain Newton-Smith, told The Guardian that the chancellor can’t “raid corporate coffers again” and should look elsewhere.
“The fact is that geopolitics and global markets have shifted. The world is different from when Labour drafted its manifesto, and when the facts change so should the solutions,” she wrote.
(AFP/Getty)
Athena Stavrou10 September 2025 07:30