2026 Spring Statement - the business reaction

03 Mar 2026

Business groups, including the Federation of Small Businesses (FSB), the Confederation of British Industry (CBI) and the British Chambers of Commerce (BCC) have reacted to Chancellor Rachel Reeves' 2026 Spring Statement speech.

Responding to the speech, the FSB stated that 'inaction from the Chancellor is not enough' for small businesses and self-employed individuals in the UK being squeezed by cost pressures.

Tina McKenzie, Policy Chair at the FSB, said: 'We're a month away from employment costs going up, business rates going up and energy bills going up. The Chancellor missed the chance . . . to address the costs stack about to hit small firms.

'The downgrading of the growth forecast for this year will be no surprise to small businesses, where cost burdens have already started reducing growth plans, cashflow and job creation in our local communities.'

Meanwhile, the CBI said that reducing the cost of living, cutting borrowing and growing the economy 'are the right priorities'. Louise Hellem, Chief Economist at the CBI, stated: 'Businesses back the growth mission and want to see delivery at pace. Delays in planning consents, skills approvals, grid connections or access to innovation funding translate directly into lost investment, higher costs and greater operational uncertainty.'

The BCC said that delivering on the UK's economic potential is 'vital'. Shevaun Haviland, Director General of the BCC, said: '[The] Spring Statement confirmed that the UK economy is heading in the right direction, but a further acceleration is needed.

'The immediate priorities must be accelerating long overdue business rates reform and making sure changes to employment rights don't add unnecessary costs.

'Alongside this, firms need policies that help them invest in skills and AI to increase productivity.'