Morning, I'm Louise Moon from Bloomberg UK's breaking news team, bringing you up to speed on today's top business stories. Rachel Reeves' inaugural budget may have ended copious amounts of speculation, but there is still a lot to digest. While you (we hope) had a cuppa after her nearly two hour-long speech, we hit the phones to chat to a bunch of the UK's top CEOs. Nick Mackenzie, CEO of pub group Greene King, said the reduction in draught duty — while welcome — "is a drop in the ocean compared with the cost impact" of changes to national insurance. He urged Reeves to "help reduce the cost of doing business." Co-op CEO Shirine Khoury-Haq said similar, noting yesterday's announcements "will have a significant impact on our business in the coming years". Housing CEOs, from Barratt Redrow to Hayfield, are cautious about changes to stamp duty and Andy Palmer, the former CEO of Aston Martin, thought not raising fuel duty was a missed opportunity. Ultimately it comes down to growth. As Anne Glover, CEO of Amadeus Capital Partners, put it: the private sector is inevitably disappointed about tax rises, but "what really matters now is making it easier for entrepreneurs to set up and grow their companies in the UK." Take a look at the market reaction yesterday and the picture was murky. While stocks and gilts ended with relatively small moves, intraday volatility was, as Markets Today's David Goodman says below, "wild." What's your take? Ping me on X, LinkedIn or drop me an email at lmoon13@bloomberg.net. Oh, and do subscribe to Bloomberg.com for unlimited access to trusted business journalism on the UK, and beyond. |
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