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The Chancellor Rachel Reeves declined to confirm whether Labour would keep its manifesto promises to not to raise income tax, national insurance or VAT, saying “we will all have to contribute” as she took the unusual step of hosting a press conference three weeks ahead of the forthcoming November 26 Autumn Budget so that people "understand the circumstances we are facing". She said she would make “the choices necessary to deliver strong foundations” for the economy in a world that has “thrown more challenges our way”. Reeves blamed US tariffs, the former Conservative government and issues such as The Office for Budget Responsibility’s expected downgrade of economic productivity for the “hard choices” she will have to make as Chancellor to plug the black hole caused by U-turns on welfare spending cuts and increased debt interest costs. Businesses across the West Midlands, however, have been hit by rising wage bills, having to pay higher National Insurance contributions and soaring energy costs and are desperate to see some glimmers of hope for greater future prosperity in the forthcoming Budget. Speaking after this morning’s press conference in Downing Street, Sarah Moorhouse, chief executive of Black Country Chamber of Commerce, said: "The Chancellor talks about supporting businesses to create jobs and innovate but our members need to see that translated into action in the Budget. "Businesses need stability in tax policy, restraint on further employment cost increases and the confidence to plan ahead. Rising national insurance contributions and uncertainty around future changes are making it harder for companies to invest and grow and I'm not sure the speech today provides much reassurance. "The Black Country has the industrial base to drive the productivity growth the Chancellor is talking about. Our 3,000 manufacturers employ 50,000 people and contribute over £2 billion to the local economy. But they need predictable conditions to do their bit.
