The Prime Minister has announced a new Budget board – a weekly meeting of senior ministers, advisers and business voices – to shape economic policy in the run-up to the 26 November Budget.

It’s designed to join the dots between Number 10, the Treasury and UK business, with a clear brief: find ways to boost growth while keeping the financial markets on side.

Why now?

The first Labour Budget last October included a £25 billion rise in employer National Insurance and a minimum wage increase. Both measures created extra costs for employers and strained relations with business.

Chancellor Rachel Reeves now faces a £20 billion fiscal gap and limited room to cut taxes, so pressure is on to deliver pro-growth measures that don’t spook investors.

Who’s involved

The board will be co-chaired by Baroness Minouche Shafik, a former Bank of England deputy governor, and Treasury minister Torsten Bell. Other key figures include:

• Darren Jones, chief secretary to the Prime Minister
• Senior advisers Varun Chandra, Tim Allan and Ben Nunn
• Chiefs of staff Morgan McSweeney and Katie Martin
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Their remit is to align economic policy, planning and communications – and to give business leaders a direct line into government thinking.

What to watch

The Government has flagged a few priorities:

• Planning and infrastructure: speeding up major projects
• Regulatory reform: cutting the number of regulators and streamlining approvals
• Investment and innovation: keeping markets confident that the UK is worth backing

For businesses, that could mean:

• Possible incentives for investment or capital spending
• Faster approvals for construction or expansion
• A steadier policy environment for medium-term planning

None of this removes today’s cost pressures – employer NICs remain higher – but it does show an intent to balance growth with fiscal discipline.

If you’d like to discuss how upcoming tax or investment measures might affect your plans, get in touch. Early preparation can help you respond quickly when the November Budget details land.