Business leaders in Liverpool have breathed a collective sigh of relief after Chancellor Rachel Reeves delivered a Budget light on dramatic changes, with many describing it as a necessary exercise in steadying the ship.
A Budget Screening with Muted Reactions
The verdict emerged from a Budget screening event hosted by Liverpool Chamber of Commerce at the city's Hope Street Hotel on November 26, 2025. Despite the chilly weather, which saw hotel guests braving the cold in an outdoor jacuzzi, inside, a focused audience of about 30 business and cultural leaders gathered to hear the Chancellor's plans.
The atmosphere was notably quiet, a stark contrast to the noisy scenes in the House of Commons. The most significant reactions were a couple of faint whoops and a single half-hearted 'yay'. One moment of approval came when Rachel Reeves confirmed the extension of business rates retention pilots in the Liverpool City Region, West of England, and Cornwall until 2029.
Another positive note was struck with the announcement that training for under-25 apprenticeships will be completely free for small and medium-sized enterprises (SMEs). The solitary 'yay' was heard when the Chancellor confirmed there would be no changes to National Insurance or basic income tax rates.
Business Leaders Seek a Clear Vision for Growth
Following the speech, a Q&A session was held with Chamber CEO Paul Cherpeau, gathering feedback from leaders across sectors including wealth management, finance, engineering, and the arts. The overall sentiment was captured by phrases like 'damp squib,' 'lack of ambition,' and 'ship-steadying'.
However, this lack of excitement was not necessarily seen as a negative. Attendees acknowledged that the absence of major shocks, such as last year's rise in National Insurance Contributions, provides businesses with short-term stability and breathing room. Some even suggested that the predictable Budget might encourage clients to proceed with investment decisions previously paused due to uncertainty.
Sean Keyes, CEO of civil engineering firm Sutcliffe, stated he was 'quite pleased' the Budget was unexciting but highlighted that key issues were ignored. He pointed to the lack of detail on how the government intends to hit its ambitious 1.5 million housebuilding target.
Echoing this concern, Alison Lobb, managing partner of law firm Morecrofts and chair of the Chamber, said she had waited for 'the big news that never came'. She also noted the Chancellor's speech failed to address funding for the justice system, despite significant backlogs and pressures.
The Verdict: 'Neutral Positive' with Devil in the Detail
A brief, informal show of hands after the Q&A revealed that only one person felt worse after the speech. Slightly more attendees felt 'neutral' about the Budget than felt 'positive', leading to an overall verdict of 'neutral positive'.
The consensus in the room was clear: while the Budget underwhelmed, it avoided causing immediate harm. The task now for business leaders is to scrutinise the fine print of the Chancellor's statement. The fundamental takeaway was that the government must soon articulate a positive and detailed vision for where the UK's future economic growth will originate.
