26^th November 2025 – Annette Spencer, Chief Executive of the Association of Corporate Treasurers: “What treasurers and their businesses say they need from government is clarity, certainty, and consistency – particularly in fiscal policy, regulation and access to capital. These preconditions are essential for long-term investment, effective risk management and confident participation in UK financial markets. In last year’s Budget, business confidence was shaken by the stark disconnect between the Government’s positive prior rhetoric and the actuality of the Chancellor’s decision to increase Employer National Insurance Contributions. So a repeat shock to business this year would have been very damaging.

“The Chancellor has largely avoided springing major surprises on businesses this year. It will take time to see whether the impact of extending the freeze on personal income tax thresholds and introducing some new taxes on property and salary sacrifice pension contributions (from 2029) will ultimately dent consumer confidence, and by extension impact the business sector in the medium term.”