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Sir Keir Starmer has launched a “Budget board” to boost economic growth and keep businesses and City leaders appeased, according to reports.
As part of his reset following Angela Rayner’s resignation last week, the prime minister plans to refocus the Cabinet on pro-growth policies with a new board that will link top ministers and 10 Downing Street officials with the Treasury.
The board will be chaired by Mr Starmer’s new economic advisor Baroness Minouche Shafik, a former Bank of England deputy governor, and Treasury minister Torsten Bell, who will meet weekly, as reported by the Financial Times.
The panel will face the task of coordinating pro-growth policies between now and the Budget, which is set to take place on 26 November.
Baroness Shafik will play a key role on the panel, as will Darren Jones, former Treasury minister and current “chief secretary” to the prime minister. Morgan McSweeney and Katie Martin - chiefs of staff to Starmer and Reeves respectively - will also form the Budget team in order to improve the handling of politics around the fiscal event. Business advisor Varun Chandra will also sit on the panel.
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Ben Nunn, the chancellor’s press chief, will sit alongside Tim Allan, former press aide to Sir Tony Blair and the new Number 10 communications chief, in order to improve the media handling of the Budget, which is seen as pivotal for Starmer’s government.
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This comes after chancellor Rachel Reeves’s first Budget last October caused a rift with the business sector as she increased employers’ national insurance by ￡25 billion and sanctioned a big rise in the minimum wage.
Already, businesses and the City figures are bracing for higher tax, according to the FT, as Reeves seeks to fill a fiscal hole of at least ￡20 billion.
Rachel Reeves’ previous budget proved unpopular with the business sector(AFP/Getty)
The prime minister’s allies said that the Budget board was jointly agreed with Reeves to focus on measures to boost growth while keeping open lines of communications with business ahead of a tax-raising Budget.
One Labour official told the FT: “This is about putting more weight behind a pro-business Budget. We have to reassure business that we are not just going to keep taxing to spend.”
Another said: “The Budget board will funnel into the decisions that the prime minister and chancellor take. We don’t want to find ourselves in a difficult position with business again.”
The Independent has reached out to the Treasury for comment.
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Starmer reshuffled his Cabinet earlier this week, which saw Yvette Cooper become foreign secretary, Shabana Mahmood become home secretary, and David Lammy fill the role of deputy prime minister.
Liz Kendall will take on the role of science, innovation and technology secretary, while Peter Kyle will fill the role of business secretary and Pat McFadden will lead the Department for Work and Pensions.