Former Bank of England chief economist Andy Haldane has urged the Government to preserve fiscal headroom, restrain spending and avoid new business taxes in its Budget. He said a larger buffer would reassure financial markets and reduce borrowing costs, but expects additional borrowing and tax rises instead. For prospective sellers, a credible Budget could support buyer confidence and acquisition financing, whereas higher business taxes would place further pressure on margins, investment plans and company valuations. Meanwhile, the Confederation of British Industry (CBI) warns that a proposed tax increase on banks could harm Britain’s economy. The Chancellor, John Healey, is expected to raise the bank surcharge from 3% to 8%. But critics argue this could restrict lending and increase mortgage costs.

The Conservatives propose more than £70bn of spending savings, splitting funds between deficit reduction, defence and tax cuts. Measures include lower National Insurance for under-25s and changes to family-business and inheritance taxes. Though opposition proposals, these tax changes could materially affect succession planning and the value owners transfer.

UK vacancies fell by 21,000 to approximately 691,000 in the three months to September, their lowest level since April 2021, according to the Office for National Statistics. The decline was concentrated among smaller businesses citing increased labour costs, including higher employer National Insurance contributions and the National Living Wage. Unemployment edged down to 4.7%, while annual earnings growth stood at 3.7% with and without bonuses. The Bank of England will assess the labour-market data before its next rate decision, as softer hiring and wage growth could discourage an interest-rate increase and support acquisition finance. Smaller employers nevertheless face continuing margin and confidence pressures.

Employers in white-collar sectors warn that graduates lack essential communication and teamwork skills, exacerbating Britain’s job crisis. The report, commissioned by the Government, highlights that while graduates possess technical expertise, they often lack the “human skills” necessary for roles in law, accountancy, and consultancy. The skills gap is hindering recruitment and productivity, particularly as AI transforms entry-level jobs. PwC is among the companies introducing training programmes to address these deficiencies.

A Novuna Business Finance survey has found 86% of small businesses fear the Budget will damage finances or growth. Among 1,382 owners, 53% feared another employer National Insurance increase. Only 26% forecast fourth-quarter growth, while those planning to create jobs fell from 28% in 2022 to 15%. Tax uncertainty and weaker investment intentions risk depressing earnings forecasts, valuations and buyer appetite.

Armstrong Watson has found 46% of Scottish business owners expect to exit within five years, yet 49% lack succession plans. Management or employee buyouts are gaining interest, while changes to Business Property Relief and Agricultural Property Relief prompted 22% to act.

The Unite union is pushing back after NatWest told more than 30,000 remote and hybrid workers they would have to work from the office at least twice a week from February. “This is yet another kick in the teeth for workers who have suffered years of real-terms pay cuts and who are struggling to make ends meet,” the Unite general secretary, Sharon Graham, said.

The Competition and Markets Authority (CMA) is urging Apple to reduce fees for alternative contactless payment systems in the UK. The CMA claims high fees and technical restrictions hinder competition, preventing rivals from launching their systems. Sarah Cardell, CMA’s chief executive, said: “These proposals open the door to more innovation, more choice and economic growth.” The CMA aims to foster fintech growth by lowering barriers for challengers. The consultation period ends on 17 November.

A slew of UK businesses, including Lloyds Bank, HSBC, Bank of Scotland, NatWest, Halifax and Revolut, were hit by a disruption to Google Cloud’s services in London on Tuesday. The outages were resolved by mid-afternoon, but the Bank of England is demanding answers amid calls from MPs for regulators to explain how they will “strengthen the resilience of the UK’s financial system” in the wake of the problems.

Miatta Fahnbulleh, the Energy Secretary, is expected to grant approval for new drilling at the Jackdaw gas field today, after energy prices hit a four-year high. Permission for drilling of the field was granted in 2022, but the project was ruled unlawful after a court challenge by climate activists. A decision is yet to be made on the future of Rosebank, the UK’s last major untapped oil reserve.