Following the Chancellor Rachel Reeves’ Budget statement, business leaders across the UK have offered a mixed but largely cautious response, highlighting both welcome measures and areas of concern for firms navigating ongoing economic pressures.

Shevaun Haviland, Director General of the British Chambers of Commerce (BCC), said the Chancellor had “listened to our calls and made the right choice by not piling major new tax rises on businesses’ shoulders, which will calm nerves.” She noted that firms would be encouraged by commitments to transport and infrastructure investment, as well as funding for planners—an issue the BCC has consistently championed.

Haviland added that businesses would welcome support for youth employment, stamp duty relief, protection for capital spending, a reduction in business rates multipliers and a number of investment tax breaks. However, concerns remain around salary sacrifice changes, mandatory wage increases and the retention of the energy profits levy, all of which, she warned, “will maintain cost pressures.”

The BCC also expressed disappointment that almost £1bn of UK-wide business support funding has been axed and replaced with what it called a more fragmented system favouring select urban regions. Haviland cautioned that this “risks further regional inequality and damage to rural economies,” concluding that while most firms will manage within the new financial landscape, rising costs persist and the Budget “did not provide a more compelling blueprint to deliver transformational growth.”

In Milton Keynes, local reaction echoed both the opportunities and uncertainties outlined at the national level. The Milton Keynes Chamber of Commerce recognised the broad sweep of measures aimed at supporting economic growth, boosting investment and strengthening the UK business environment. Key announcements included new trade deals with the US, India and Europe, along with commitments to expand trade, encourage investment and champion innovation across the country.

The Chancellor reiterated that future prosperity will be “built by risk takers,” offering further support for entrepreneurs, widened enterprise incentives and a call for evidence to better back entrepreneurial and co-operative models under the message: “If you build here, Britain will back you.”

Skills development also featured prominently. Free apprenticeship training for under-25s within SMEs was positioned as a major opportunity to enhance early-career prospects while supporting business growth. Additionally, a three-year hold on VAT, National Insurance and income tax will bring relief to many employers, though dividend tax will rise by 2%.

Louise Wall, CEO of the Northamptonshire Chamber of Commerce, commented:
“Today’s Budget sets out a broad commitment to boosting enterprise, investment and innovation, with welcome recognition of skills, infrastructure and energy security. Businesses across Milton Keynes will look for clarity on how these measures will be delivered locally, particularly around support for apprenticeships and the practical impact of changes to business rates. We will continue to work closely with our members to ensure their priorities are heard as these policies are developed.”

Businesses wishing to share their views can contact the Milton Keynes Chamber of Commerce at policy@chambermk.co.uk, or contribute to the latest Quarterly Economic Survey via chambermk.co.uk.