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\t\tHaldane slammed the \u201cpretty much daily speculation about the next tax rise\u201d.\t<\/p>\n\t\t\tMonday 17 November 2025 1:10 pm\n\t\t\t<\/p>\n
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\t\tHaldane slammed the \u201cpretty much daily speculation about the next tax rise\u201d.\t<\/p>\n
Former Bank of England chief economist Andy Haldane<\/a> has said there is \u201cwithout a shadow of a doubt\u201d a direct link between feverish Budget speculation and sluggish growth in the UK economy.\u00a0<\/p>\n In an interview on Sky News on Monday morning<\/a>, the incoming president of the British Chamber of Commerce (BCC)<\/a> told Sophy Ridge that \u201cthe process has become far too elongated, and far too leaky\u201d.\u00a0<\/p>\n He slammed the \u201cpretty much daily speculation about the next tax rise\u201d, which he describes as a \u201chalf-way house\u201d between a genuinely secret process \u2013 like the Bank of England\u2019s monetary policy decisions \u2013 and an open consultation.\u00a0<\/p>\n The economist said: \u201cOne of the reasons we had a very weak growth number last week was because Budget speculation has dampened people\u2019s willingness to spend.<\/p>\n \u201cFirst and foremost, we must stop that speculation.\u201d\u00a0<\/p>\n In light of the government\u2019s U-turn on raising income tax<\/a> at the Budget on 26 November, Haldane criticised the prospect of a \u201csmorgasbord of small measures\u201d.<\/p>\n \u201cMake it fundamental root and branch reform, that gives us a chance of getting growth going.\u201d\u00a0<\/p>\n Budget speculation damaging confidence\u00a0<\/p>\n Andy Haldane said of business confidence that \u201cfearfulness about where the axe will fall is causing them, not unreasonably, to save rather than spend\u201d, which has \u201ccaused businesses and consumers to hunker down\u201d.\u00a0<\/p>\n \u201cAll of these give cause for pause, if you are a business making decisions, if you\u2019re a household making spending choices, and gum up the works of our economy, take the legs from growth.\u201d\u00a0<\/p>\n