Business groups in the North East and further afield have given a broad welcome to the Government’s ‘mini Budget’ - but warned that significant challenges lie ahead for the economy.
Chancellor Kwasi Kwarteng announced a range of tax cuts as he spent tens of billions of pounds in what is widely being seen a gamble to drive up growth during the cost-of-living crisis. Mr Kwarteng argued his economic vision will “turn the vicious cycle of stagnation into a virtuous cycle of growth” but his comments that the Government would favour growth over “redistribution” have raised fears that areas like the North East are set to miss out.
Shadow chancellor Rachel Reeves said the strategy amounts to an “admission of 12 years of economic failure” and said that “the Government have decided to replace levelling up with trickle down.”
