Budget: 'Guarded optimism... inconsistency... the right noises'

From headline tax measures to business support pledges, transport and infrastructure investments and much more, the Autumn Budget stirred plentiful reaction. Here, Bdaily highlights some of the responses to Chancellor Rachel Reeves’ fiscal blueprint.

Response to headline budget policies:

Rhiannon Bearne, deputy chief executive at the North East Chamber of Commerce

“The Chancellor has attempted a delicate balancing act, using a series of measures to stabilise the public finances. 

“While many of our members will welcome the decision not to introduce further taxes on business, the capping of salary sacrifice on pensions will increase costs for some employers. 

“There will also be understandable caution about the significant tax burden now placed on households and consumers.

“The Chancellor is right to scrap the two-child benefit cap; our members have long argued this is one of the most powerful levers available to support more parents into sustained and meaningful employment.

“There is cause for guarded optimism, but what matters now is how these measures play out in practice.”

Lisa Simon, head of residential at national property consultancy and estate agent Carter Jonas

“The budget finally brings much needed clarity to a residential market that lingered in ‘wait and see’ mode for months. 

Lisa Simon, Carter Jonas head of residential

“The confirmation of a new annual levy on higher value homes is the most visible change, but the wider package, including measures on higher landlord income tax and future SDLT, sets out a clearer direction for the years ahead.  

“However, the challenge now lies in implementation, particularly around valuation and timing.”

Claire Howarth, director at Stoke-on-Trent-headquartered professional services and accountancy group DJH

“As advisors, the pension salary sacrifice change is the trickiest. 

“We've spent years helping clients build retirement savings through salary sacrifice because governments encouraged it. 

“Now that same approach faces additional national insurance charges worth £4.7 billion.

“It's hard to give confident long-term advice when the goalposts shift like this.

“This budget balances the books but leaves questions about whether it builds the foundations for the growth we actually need.”

On the Government’s commitment to rail improvements, which include an extension of the Docklands Light Railway, delivery of the Northern Powerhouse Rail scheme and a one-year fares freeze from March 2026:

Andy Steel, managing director of South Lanarkshire-headquartered national rail contractor QTS Group 

“The commitment to progressing key rail schemes, including the Docklands Light Railway extension and Northern Powerhouse Rail, are a welcome signal the Government recognises the critical role rail infrastructure plays in driving long-term economic productivity. 

“Major programmes of this nature deliver far more than improved journey times - they unlock additional network capacity, enable modal shift, and create the conditions for sustainable development.  

“To maximise the benefit of this funding, we now need collective action. 

“That means early contractor involvement, clarity of pipeline and genuine public–private sector collaboration.”

Mark Casci, head of representation and policy at West & North Yorkshire Chamber of Commerce

“We welcome support for the Northern Growth Corridor and for Northern Powerhouse Rail.

“However, we do need to see this support turn to actual details and timescales so that these long-standing promises on east-west connectivity by successive Governments are finally realised.”

Blake Richmond, chief executive at Derby-based rail and transport technology firm Resonate Group

“Our cities and regions are essential for growth, and freezing rail fares keeps train travel affordable.

“This not only eases the cost of commuting for workers, but supports the wider economy by encouraging spending, connecting people to jobs and strengthening leisure market.”

On the Government’s planned electric and plug-in hybrid car tax:

Simon Bailes, managing director of Simon Bailes Peugeot, which has forecourts in Northallerton, in North Yorkshire; Stockton-on-Tees; and Guisborough, in east Cleveland

“The budget leaves us questioning what the Government truly wants.”

Simon Bailes, managing director of Simon Bailes Peugeot

“On one hand, retailers are under pressure to meet strict EV-to-ICE sales ratios, yet on the other, measures like the new pay-per-mile tax make electric vehicles less appealing to customers. 

“How can we plan effectively when the details are unclear and the long-term strategy feels inconsistent?”

John-Paul Dennis, partner and divisional director of private client at Liverpool and Wirral-based law firm Jackson Lees

“Electric vehicle drivers, once incentivised, now face a mileage‑based charge from 2028. 

“Worth £1.4 billion, it replaces collapsing fuel duty revenues. 

“Logical, perhaps, but politically risky. Punishing those who went green could spark a backlash.”

On the Government’s plans to increase venture capital trust (VCT) and enterprise investment scheme (EIS) limits to boost investment into companies beyond the start-up phase:

Jamie Roberts managing partner at London, Leeds, Manchester, Reading and Birmingham-based YFM Equity Partners

“The shift in the VCT qualifying rules to include more established business is a real game-changer. 

“Regional businesses often scale over a longer timeline, and the previous requirement to secure a first VCT-qualifying investment within a fixed window meant too many strong companies missed out on essential early growth capital.

“This change means investors can support high-growth businesses for longer.”

David Ovens, joint managing director at Edinburgh-based business angel syndicate Archangels

“The Chancellor's decision to widen eligibility for, and extend, enterprise incentive schemes is a clear demonstration of support for the role which founders and investors play in economic growth. 

“Both EIS and VCT have been instrumental in channelling patient capital into innovative businesses, and continuation of the schemes ensures we can keep backing ambitious founders with confidence.

“The Government has made the right noises. 

“Now it needs to deliver measures that work in practice.”

Jennifer Townsend partner, commercial research at global property consultancy Knight Frank

“Widening EIS and VCT eligibility, and a three-year stamp duty exemption for UK IPOs, send an important signal that if you build here, the UK will back you. 

“Further tax reforms may come to support founders.”

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