Hearts & Minds: Budget Bingo begins, but is it worth speaking up?

This is what might be called Budget Bingo Season, in which hardly a day goes by without a chair or CEO opining that the chancellor must do this or that in her forthcoming address. Why bother? This is a finance minister who has shown what she thinks of business by slapping on an increase in employers’ national insurance contributions in her last and first such set piece. The unexpected move came after concerted wooing by Rachel Reeves and Sir Keir Starmer of the City and industry in the run-up to the election. No sooner do they get in, than what do they do? Only go and clobber the very folks they were smooth-talking.

The hike wasn’t the only measure that upset boardrooms. There were other increases and tweaks in taxation that were widely interpreted as showing a disregard for commerce and wealth creation. So, prepare for more of the same, if not worse, this time. That is one, well-aired theory. But this is a government that is desperate for economic growth, which has been seeking ideas to drive momentum. Key to that desire is business, like it or not, so why not do something that would cause companies to motor? That is another way of looking at it.

Comms-wise, there are sound reasons, if you have the opportunity, why it could pay to put down a marker. First, there is the possibility they may actually listen and you could be the one who receives the plaudits. Admittedly, it’s a thin possibility – budgets are written in purdah by a cabal of advisers and officials with the chancellor and her ministers, the formulation begins far in advance and is based on heavily worked-through models and calculations (that too is the theory). Second, you’re representing your stakeholders and what is right for them and your industry. It means your view may be sought on this and other issues, now and afterwards. No harm there, provided you’re not too political and polarising, and you stick to the practical and what is right for the business, shareholders, customers, staff and partners.

You’re displaying true leadership. In uncertain periods like these, people are looking to those in charge for guidance. They wish to know what you think, what is best for them. This is you telling them, albeit in the media and not in an internal bulletin. You’re seen to care and at the very least, you tried.

Chris Blackhurst is one of the UK’s foremost business journalists. He was previously Editor of The Independent and City Editor of the Evening Standard.