On 28 September 2026, John Healey delivered his first speech as Chancellor of the Exchequer at the Labour Party Conference identifying ‘Backing Britain’ as one of his main priorities. Business was identified as being of key importance and the speech recognised the impact that cost pressures could have on growth.

Jobs for young people was a central message. The National Wealth Fund will be used to create and support a further 130,000 jobs including expanding local apprenticeship services and restoring the Union Learning Fund to help people build new skills and adapt to changes such as the increasing role of AI.

The speech also focused on industrial growth. As well as the previously announced funding for British shipyards, the wider package or economic plans linked to the speech proposed that more flexible funding could be issued to buyers from certain countries to incentivise buying British.

The focus on the cost of doing business was welcomed by a number of business groups. Rain Newton-Smith, CBI Chief Executive, commented:

‘By linking the cost pressures facing business to the wider challenge of raising living standards, the Chancellor showed an appreciation that a stronger economy depends on giving firms the confidence and capacity to create jobs, raise wages and invest.’

Groups remain keen to see how the aims will be put in place in the Budget. FSB National Chair Tina McKenzie said:

‘The broad theme of hope needs to be followed up with concrete pro-business, pro-growth changes that help small businesses.’

Internet links: Labour Party | CBI | FSB

A recent report by the Financial Conduct Authority (FCA) found that whilst small and medium enterprises (SMEs) account for 60% of employment and 51% of turnover in the UK private sector, only 21% of the total value of UK business loans are provided to SMEs and 54% of SMEs are not using external finance in any capacity.

The report found that SMEs face a number of challenges accessing finance with 26% stating that accessing SME credit was complex and 39% that the costs of finance were too high.

The report also details FCA’s plans to reduce regulatory frictions and other challenges identified including exploring ways to avoid duplication in customer checks through the use of digital verification, ensure the regulatory regime is proportionate and prioritising high-impact use cases.

Graeme Reynolds, FCA director of competition, said:

‘Small businesses need to be able to access the finance they need at the right time to start up, grow and invest. Our regulation is not a major obstacle - that does not mean the system works as well as it could.’

Internet link: FCA

Research published by the Resolution Foundation details the amount of tax revenue raised from property (broadly Stamp Duty Land Tax and Council Taxes). It concludes that Londoners are under-paying by £3.1 billion relative to the value of their homes whilst the rest of England are over-paying in return.

For example, 85% of households in the North East are expected to overpay tax relative to the value of their homes by the end of the decade, with the average overpayment expected to reach £710 in 2030/31.

Cited reasons for this include not taking into account four decades of house price growth in Council Tax calculations and poor design of the relevant taxes.

Suggestions proposed include moving to a proportional property tax system and an abolishment of Stamp Duty Land Tax on primary residences, although it is noted that any reform would need to be gradual and carefully handled.

Hannah Aldridge, Senior Research and Policy Analyst at the Resolution Foundation, states:

‘The economic and fairness case for overhauling our housing taxes are clear. But the politics of reform has got hung up on those who lose out – such as those living in gentrified areas of London – even though most households in England would pay less tax.’

Internet link: Resolution Foundation