'Businesses still concerned about Budget' despite Rachel Reeves' growth plans

Business groups and economists have responded to Chancellor Rachel Reeves' latest economic growth plans, stating that while they are welcome, the measures in the October Budget will still impact companies.

Ms Reeves has unveiled plans to transform Oxford and Cambridge into "Europe’s Silicon Valley" through a series of housing and infrastructure developments.

She also confirmed the Government's support for a new third runway at Heathrow Airport, expressing her desire for "proposals to be brought forward by the summer".

British Chambers of Commerce Director-General, Shevaun Haviland, stated that the Chancellor has "laid down a clear marker", making companies "sit up and take notice".

"They can lift the gloom that has settled over the economy and give firms real confidence," she said. However, she warned that the Government must ensure "make sure the reality does not fall short of the promise", as companies continue to struggle with increasing costs from the October Budget.

Federation of Small Businesses Policy Chairwoman, Tina McKenzie, praised the "rallying cry for Government to choose growth is exactly what the economy needs", describing it as "rallying cry for Government to choose growth is exactly what the economy needs". She added: "It sends a strong, confident message that from now on growth comes first, and any barriers to that will be erased."

She also commented on the Heathrow decision, calling it "totemic", and applauded the call for quicker action on infrastructure projects.

EasyJet's CEO, Kenton Jarvis, has voiced his support for the airport expansion, stating it would "provide consumer and economic benefits", and enable the airline to "operate from the airport at scale for the first time". Dr Mairi Gibbs, head of Oxford University Innovation, lauded the plans for the Oxford and Cambridge region,