Skip to content
Saturday 15 August 2026London --:--Frankfurt --:--Zurich --:--
NewslettersSearchEN · DE
MorningWire

European business, markets and politics

FTSE 100
10,750.11
-0.21%
DAX
26,440.31
+0.53%
CAC 40
8,636.80
-0.16%
STOXX 50
6,539.59
-0.09%
  • Europe
  • Markets
  • Business
  • Economy
  • Technology
  • Politics
  • Opinion
More
GermanyFranceBankingAIEnergyFintechPropertyCapital Markets
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Economy
  • Technology
  • Politics
  • Opinion
  • DE
Wednesday 30 October 2024 6:00 am  |  Updated:  Wednesday 30 October 2024 10:53 am

You can’t rebuild Britain by punishing people who build businesses

By: Christian May

Editor-in-Chief

Add as a preferred source on Google
Navigating the unknown: How Hogan Lovells advises businesses in an unpredictable world

Today, the Chancellor will attempt to write this government into a grand historical narrative that stretches back in Labour folklore to 1945.

It was then, Rachel Reeves will say this afternoon, that the Labour Party “rebuilt our country out of the rubble of the Second World War.” Moving forward a couple of decades she will declare that the Labour Party rebuilt Britain again in 1964 “with the white heat of technology.”

The penultimate chapter of this potted history concerns 1997, when “the Labour Party rebuilt our schools and hospitals” and finally – you’ve guessed it – “Today, it falls to this Labour Party…to rebuild Britain once again.”

This uplifting version of 20th century left-wing history was briefed to journalists last night as a tease of what the Chancellor is expected to tell MPs when she gets to her feet in the Commons this afternoon.

We’re told she will also pledge to create an economy “that is growing, creating wealth and opportunity for all” and that she will acknowledge “there are no shortcuts” to make this journey an easy one.

That’s true, but from what we understand of the government’s tax and regulatory plans it’s more a case of roadblocks and obstacles.

There will be winners in the Budget. Those earning the lowest will get a pay rise; large infrastructure projects will get a green light; there will be more money for schools; more money for the NHS; and, we hope, great strides forward in planning reform and house building ambitions.

But if those are the treats, what are the tricks? Higher taxes; increased costs on business; a less competitive economy; a poke in the eye for investor confidence; an expansion of the state and of bureaucratic authority.

These trade offs, as ministers insist on describing such choices, will come at a price.

We have to hope that the Chancellor pulls back from the extremities of what’s been leaked, briefed and floated in recent weeks because rebuilding Britain, in the spirit of 1945, 1964 and 1997 will require people to build businesses.

The government has been warned, in public and in private, by top CEOs and start-up founders, that businesses of all sizes need support. Today we shall find out if those warnings have fallen on deaf ears.


Read more

Britain needs a Marshall Plan for civic life

Harry Truman, smiling in a fedora, and Winston Churchill in a bowler hat, seated together in a car.

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • Opinion
  • News

Categories

  • Opinion
  • Business
  • Economics
  • Politics

People & Organisations

  • Budget 2024
  • Labour
  • Rachel Reeves
  • UK economy
  • UK Government

Trending Articles

  • Revolut takes flight with launch of new airport lounges

  • Grandparents fund university degrees to avoid inheritance tax net

  • Revolut chatbot goes rogue by charging users to cancel subscription

  • Brompton Bicycle sues former adviser for ‘professional negligence’

  • As It Happened: Stocks dip as oil’s ‘slowing demand’ in focus; Iran threatens to extend war

More from Morning Wire

  • Britain needs a Marshall Plan for civic life

    Opinion
    Harry Truman, smiling in a fedora, and Winston Churchill in a bowler hat, seated together in a car.
  • Has Nigel Farage peaked too soon?

    Opinion
    Nigel Farage delivering a speech in July 2026, wearing a suit, addressing an audience at a political event.
  • The Debate: should Andy Burnham have made a woman his Chancellor?

    Opinion
    Rachel Reeves delivering a speech at a press event, wearing a navy blazer and standing in front of a backdrop with logos.
  • On this day: the birth of Michael Foot

    Opinion
    Michael Foot speaking at a public rally in a city square with a large crowd and buildings in the background.
  • Reeves: Burnham will face ‘shocks and challenges’ as Prime Minister

    Politics
    Rachel Reeves delivering a speech at a press event, wearing a navy blazer and standing in front of a backdrop with logos.
  • Burnham has a chance to build trust in AI

    Opinion
    Andy Burnham discussing AI advancements at a business conference podium with delegates in the background
  • Britain’s problem isn’t too much Thatcherism, but too little

    Opinion
    Margaret Thatcher smiling outside 10 Downing Street during her tenure as UKs longest-serving Prime Minister in the 20th ce...
  • Andy Burnham is utterly delusional

    Opinion
    Andy Burnham speaking at a press conference, expressing confidence despite challenges, highlighting leadership and resilie...
MorningWire

Independent European business, markets and political news for decision-makers.

Morning Briefing

Europe

  • Germany
  • France
  • Europe
  • UK & Ireland

Business

  • Markets
  • Banking
  • Technology
  • Energy
  • Property
  • Fintech

Editorial

  • Opinion
  • Editorial Policy
  • Corrections
  • Contact

Company

  • About Morning Wire
  • Privacy Policy
  • Terms of Use
  • Cookie Policy
© 2026 Morning Wire Ltd · Published by Morning Wire Media, Bahnhofstrasse 65, 8001 Zürich, Switzerland
Privacy · Terms · Cookies · Facebook