Under fire Reeves hits back at critics, saying she won't apologise for budget
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Rachel Reeves has made it clear she won't be apologising for the Budget, but she's keen to see taxes reduced. The Chancellor expressed being "absolutely" comfortable with wealth creation and highlighted the Government's desire to attract the "highest-skilled" immigrants to Britain, despite a crackdown on the total number of newcomers.
Speaking at Davos, Switzerland, during the World Economic Forum, Ms Reeves, who unveiled £40bn in tax increases in her initial Budget, admitted she aims to lower the overall tax burden but can't afford to just yet, ssaying: "I’m not going to make promises that I can’t keep".
Despite a tough start to 2025, with government borrowing costs and the pound taking hits amid market jitters, weak growth, and business leader concerns, the Chancellor stood firm: "I’m not going to apologise for the Budget, because although I hear criticism, what I don’t hear is any real alternatives.".
She added: "If you’re a CEO or a CFO and you’re coming into a new business, and you’ve got these massive problems with your finances, you have to stabilise them and that requires difficult decisions, but if you don’t make those decisions, you’re going to be plagued by them for years to come.".
"So, we have now wiped the slate clean. Businesses can be confident of that. My instinct is to have lower taxes, less regulation, make it easier for businesses to do business. "But unless you can have that economic and fiscal stability, then, to be honest, I think that you’re not going to have any serious plan for economic growth.".
