Chancellor, Rachel Reeves, met with the British Chambers of Commerce (BCC) Business Council this morning (Wednesday 11th Dec), to discuss October’s Budget and the Government’s long-term plans to boost growth.

The event was an opportunity for the senior business leaders to raise the impact of policy measures, including the rise in employer national insurance contributions, directly with the Chancellor.

She received ideas from council members on the Government’s Industrial Strategy, which is expected to be published in Spring 2025. The meeting also discussed non-fiscal measures Government can adopt to encourage business growth and investment.

Today’s meeting was hosted at the headquarters of The King’s Trust, a Business Council member. It was the second time the Chancellor has met the group having previously attended its inaugural meeting when she was in opposition, in September 2023.

Martha Lane Fox, President of the British Chambers of Commerce and Chair of the Business Council, said:

“There’s no hiding the reality that the Budget was tough for business. Millions of firms are now facing a raft of increased costs in the coming months.

“Higher bills will impact on investment and recruitment. Our latest forecast also suggests the ripples will be felt across the wider economy.

“With costs rising it is vital the Government delivers on its promise to create long-term frameworks for economic stability. Upcoming strategies on industry, infrastructure and trade have the potential to accelerate business investment and growth.

“Today’s meeting shows the power of the BCC and its members, to engage in partnership with Government at the highest level, to discuss the challenges the economy is facing.

“Building business confidence requires rapid, decisive, and inclusive government action to unlock much-needed investment to power growth.”

Rt Hon Rachel Reeves MP, Chancellor of the Exchequer said:

“It was a pleasure to attend the British Chambers of Commerce’s Business Council today to discuss long-term plans to boost economic growth.

“My Budget was one to wipe the slate clean in the face of an inherited £22bn blackhole and bring businesses the stability they desperately need. It involved difficult decisions, but has laid the foundations for growth, and our partnership with business will be vital to delivering that.

“This government will bring investment and reform to kickstart economic growth and improve living standards across Britain.”