Rachel Reeves tells angry business leaders there was ‘no alternative’ to Budget tax rises [Video]

Rachel Reeves urged business chiefs to judge her on her ability to deliver economic growth as she faced claims she was treating firms as a “cash cow” by hiking taxes.

The Chancellor acknowledged she had received a lot of “feedback” over the Budget, which included £40 billion of tax increases, but insisted no-one had presented a “credible alternative” to her plan.

In an attempt to reassure firms she would not repeat the tax raid, Ms Reeves told the Confederation of British Industry (CBI) annual conference the Budget had “wiped the slate clean” and public services would now have to live within their means.

Her appearance at the conference in central London followed public criticism by the CBI’s chief executive Rain Newton-Smith and chairman Rupert Soames over the increase in hiring costs caused by rising minimum wage rates and a £25 billion annual increase in employers’ national insurance contributions (NICs) announced in the October 30 Budget.

The Chancellor said: …