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Reaction to the Budget: Hot Off the Press

26th November 2025

 

Following today’s Autumn Budget from the Chancellor, Surrey Chambers CEO, Louise Punter, commented.

 

“As we always say the devil is in the detail and it will take time to fully digest the Budget, but the immediate reaction is one of relief as it could have been much worse. The network of Chambers (British Chambers of Commerce or BCC) has been pushing hard for an employer friendly budget, and it appears as if the Chancellor has listened and taken on board concerns that businesses cannot deal with any further taxation.

 

The minimum wage has gone up but this was to be expected against the cost-of-living crisis the country has been facing. It is very disappointing but unsurprising £13bn for skills, business support and infrastructure has entirely gone to mayoral combined authorities – Surrey is in the throes of devolution so it is not yet clear whether we will benefit. The freeze on the tax threshold will mean people at the edges will be paying higher taxes as their pay increases – this will have the knock-on effect of pushing up employment costs. Owner-managed firms and shareholders will be hit by the dividend tax rate increasing by 2p from April 2026.

 

On a positive note, however, there is targeted support for “scale-up” businesses and  higher limits for Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs), which could make it easier for high-growth companies to raise capital. There will be permanently lowered business rates for 750,000 retail, hospitality and leisure businesses, paid for by higher rates on properties worth more than £500,000, used by “warehouse giants”. On education and skills, employers will welcome the full funding of apprenticeships for under-25s, which should help create more entry points into the labour market and support long-term workforce development across the region. While most businesses will press through in this new financial landscape, they are still being squeezed by rising costs. Many will be disappointed that this Budget did not provide a more compelling blueprint to deliver transformational growth”