Rachel Reeves is facing fresh criticism from senior business leaders after John Roberts, chief executive of online electricals retailer AO World, described her Budget as “tone deaf” and “a bit pathetic”, accusing the Chancellor of lacking any real understanding of business or entrepreneurship.
Speaking to Times Radio, Roberts said he was left “pretty speechless” by Reeves’ comments about the importance of supporting entrepreneurs.
“She has absolutely no appreciation of business and doesn’t seem interested in finding any,” he said. “All the rhetoric that I hear is to demonise those that succeed. The wealth creators need to keep paying so she can fritter it away on welfare.”
Roberts added that the only meaningful reform he noticed was the decision to remove premium cars from the Motability scheme. “So for me, from a business perspective, it was tone deaf and a bit pathetic.”
His remarks reflect growing frustration among some business leaders who believe the Budget prioritised welfare expansion and tax rises over growth, investment and private-sector confidence.
Reeves refuses to rule out further tax rises next year
The Chancellor has also triggered fresh alarm among businesses after declining to rule out further major tax increases in 2026.
Asked on LBC whether she could reassure voters — as she did after the 2024 Autumn Budget — that no further large tax rises were planned, Reeves said: “No chancellor can predict the future or write next year’s budget. Chancellors, governments have to respond to events.”
Reeves said she had doubled her fiscal headroom to £22 billion, providing a buffer against future shocks, but warned: “I’m sure these will continue to come our way.”
The Chancellor repeated the same line on BBC Radio 4’s Today programme, indicating that the refusal was intentional. “I’m not going to write future budgets,” she said.
Her comments are likely to intensify concerns among entrepreneurs, investors and business owners — many of whom are already unsettled by £30 billion in new tax rises announced this week.
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Budget ‘tone deaf’ and ‘a bit pathetic’, says AO World boss as Reeves refuses to rule out further tax rises