Latest figures from the the Institute of Directors have optimism in the economic outlook falling to its lowest level since 2022. The index took a dive to -38 in September, down from -12 in August…
Confidence in firms’ prospects has also dipped while investment intentions have droppped to their lowest point since September 2020. Directors cite “concerns over likely tax increases, the cost of workers’ rights, international competitiveness,” and “broader cost pressures” in their latest dour assessment of times to come. Reeves’ budget summarised…
Meanwhile the Tories’ £3,500 business day at Conference has received poor reviews with little interest from firms and tickets getting a two-thirds discount at the last minute to egg on interest. At least they didn’t ask for their money back this time…
Andy Haldane, Burnham’s recent adviser on the economy who has not taken up a No10 job, told Andrew Marr on LBC:
“The market now suspects that this is a traditional tax-and-spend socialist government with better TikTok videos…
imposing windfall taxes on oil & gas or on banks or upping capital gains tax would […] repeat the mistake that Rachel made […] The Achilles heel, the fiscal Achilles heel of this government thus far has been its unwillingness and/or inability to cut public spending.”
