Chancellor Rachel Reeves has told businesses she is "not coming back with more borrowing or more taxes" as she defended the tax rises on businesses announced in the Budget. Reeves told the Confederation of British Industry (CBI) conference that despite "a lot of feedback" on her tax and spending plans, she had not heard many alternatives.

Independent business economist Andrew Sentance, who is a former CBI Director of Economic Affairs, says CBI boss Rain Newton Smith needs to be stronger in her response to the Budget, which has been unpopular among businesses.

Chancellor Rachel Reeves said she was ‘not immune’ to the difficulties facing businesses but there was no alternative to her Budget tax raid.