The Chancellor, Rachel Reeves, needs to stop relying on selling future infrastructure projects and instead focus on rethinking her present economic strategy, say leading audit, tax and business advisory firm, Blick Rothenberg.

Simon Gleeson, a Partner at the firm, said, “The Chancellor gave a speech [on] 29 Januaryon her plans for improving the UK’s growth, but growth seems to be a new buzzword that deflects from the challenges both political and economical that major infrastructure brings, HS2 and its cost-overruns being an obvious example.

“Her narrative is that short-term pain is long-term gain is difficult to understand when a third runway will take 10-12 years to build. Furthermore, creating a new Silicon Valley between Oxford and Cambridge is a longer-term play, and a sizeable public investment at a time the ‘22billion black-hole’ is still being referenced.”

He added, “Rachel Reeves needs to take an urgent step back and prioritise projects and investments that will deliver true top-line sustainable growth for the UK. The UK economy continues to stagnate. A rethink around Employers NIC changes could be that ‘mea culpa’, ‘we made a mistake’ moment to bring an immediate response versus promoting aspirational goals.

“This pause and rethink on Employers NIC changes then would filter down to family incomes, job creation and upskilling of future generations seeking employment and opportunities such as job apprenticeships and entry level graduate roles.

“Unlocking investment from pension funds and driving deregulation in business are likely a more realistic means to create jobs, secure family incomes and put money back in working class livelihoods instead of inflicting further uncertainty and financial hardships.”

“British businesses and the public are tired of hearing the phrase ‘the last Government’ they need action from this Government that goes beyond casting blame and future long-term aspirations.”