Starmer creates ‘Budget board’ to boost economic growth and keep businesses onside
Sir Keir Starmer has launched a “Budget board” to boost economic growth and keep businesses and City leaders appeased, according to reports.As part of his reset following Angela Rayner’s resignation last week, the prime minister plans to refocus the Cabinet on pro-growth policies with a new board that will link top ministers and 10 Downing Street officials with the Treasury.The board will be chaired by Mr Starmer’s new economic advisor Baroness Minouche Shafik, a former Bank of England deputy governor, and Treasury minister Torsten Bell, who will meet weekly, according to the Financial Times. The panel will face the task of coordinating pro-growth policies between now and the Budget, which is set to take place on 26 November. The prime minister’s new board will also comprise of key business voices in a recognition that the next few months could strain relations with corporate Britain.Baroness Shafik will play a key role on the panel, as will Darren Jones, former Treasury minister and current “chief secretary” to the prime minister. Morgan McSweeney and Katie Martin – chiefs of staff to Starmer and Reeves respectively – will also form the budget team in order to improve the handling of politics around the Budget. Business advisor Varun Chandra will also sit on the panel.Ben Nunn, the chancellor’s press chief, will sit alongside Tim Allan, former press aide to Sir Tony Blair and the new Number 10 communications chief, in order to improve the media handling of the Budget, which is seen as pivotal for Starmer’s government.This comes after Chancellor Rachel Reeves’s first Budget last October caused a rift with the business sector as she increased employers’ national insurance by £25 billion and sanctioned a big rise in the minimum wage. Already, Business and the City are bracing for higher tax, according to the FT, as Reeves seeks to fill a fiscal hole of at least £20 billion.Rachel Reeves’ previous budget proved unpopular with the business sector More
