Chancellor Rachel Reeves has told businesses she is "not coming back with more borrowing or more taxes" as she defended the tax rises on businesses announced in the Budget. Reeves told the Confederation of British Industry (CBI) conference that despite "a lot of feedback" on her tax and spending plans, she had not heard many alternatives.

Independent business economist Andrew Sentance, who is a former CBI Director of Economic Affairs, says CBI boss Rain Newton Smith needs to be stronger in her response to the Budget, which has been unpopular among businesses.

Keir Starmer has promised “zero tolerance” for benefits cheats as Labour seeks to tackle Britain’s ballooning welfare bill. The prime minister warned those who try to “take advantage of state generosity will feel the force of the law” and that ministers would even “take cash straight from the banks of fraudsters”.

Rachel Reeves delivers CBI speech as chancellor insists ‘no alternative’ to tax rises Watch live as Britain's finance minister, Rachel Reeves, speaks with Scottish Power CEO Keith Anderson and answers questions from the media at the CBI Annual Conference.

Tax rises like this must never be just done to business, CBI chief tells Reeves - Rain Newton-Smith said that business had been caught ‘off-guard’ by national insurance hikes