Rachel Reeves is facing renewed criticism from senior business leaders after John Roberts, chief executive of online electronics retailer AO World, described her household as “tone-deaf” and “somewhat pathetic” and accused the Chancellor of lacking any real understanding of business or entrepreneurship.
Speaking to Times Radio, Roberts said he was “pretty speechless” by Reeves’ comments about the importance of supporting entrepreneurs.
“She has absolutely no sense of business and doesn’t seem interested in finding one,” he said. “All the rhetoric I hear is to demonize those who succeed. The wealth creators have to keep paying so she can waste their money on welfare.”
Roberts added that the only meaningful reform he noticed was the decision to remove premium cars from the Motability program. “So from a business perspective, it was tone deaf and a little pathetic for me.”
His comments reflect growing frustration among some business leaders who believe the budget prioritized welfare expansion and tax increases over growth, investment and confidence in the private sector.
Reeves refuses to rule out further tax increases next year
The Chancellor has also sounded renewed alarm among businesses after refusing to rule out further big tax rises in 2026.
Asked on LBC if she could reassure voters – as she did after the 2024 autumn budget – that no further major tax rises were planned, Reeves said: “No chancellor can predict the future or set next year’s budget. Chancellors, governments have to respond to events.”
Reeves said she had doubled her fiscal headroom to £22 billion, creating a buffer against future shocks, but warned: “I’m sure these will continue to come.”
The Chancellor repeated the same sentence on BBC Radio 4’s Today programme, suggesting that the refusal was deliberate. “I will not be writing future budgets,” she said.
Her comments are likely to increase concerns among entrepreneurs, investors and business owners – many of whom are already unsettled by new £30bn tax rises announced this week.
