John Healey, the chancellor, says his budget will “back business” and the entrepreneurs who create the country’s wealth.
Mr Healey has promised a change of focus from the new ministerial team under Andy Burnham and show that Labour understands the pressures businesses face.
He says next week’s budget will support “bloody-minded entrepreneurs”, cut regulations and “back business in Britain making a profit”.
In an interview with The Times, John Healey he said that cutting the cost of doing business was as important as reducing the cost of living.
On a trip to Aberdeenshire, he said: “I want to be a chancellor who backs business in Britain making a profit, and those entrepreneurs who, in the end, are the ones who challenge the status quo, come up with innovative ideas and are trying, some of them through sheer bloody-mindedness, to keep going through these sorts of pressures.”
High on the Chancellor’s agenda is cuts to regulation on businesses with the abolition of reporting requirements by many smaller enterprises.
There is likely to be more easing of the tax burden on wealth creators. He has already ruled out a rise in capital gains tax to avoid dampening business investment. His policies will be designed to encourage growing businesses to invest and stay in Britain
He expressed concern over the cost of hiring staff, such as higher minimum wages for younger workers, introduced by his predecessor Rachel Reeves. But gave no indication that he would make changes to national insurance contributions which she also raised.
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