S&U, a London-listed bank, has criticised Rachel Reeves’ recent Budget, describing it as “chaotic and monumentally mishandled.” S&U said the policies set out by the Chancellor had triggered a “dampening effect on consumer confidence.” With the Office for Budget Responsibility having cut growth forecasts every year from 2026 to the end of the Parliament after warning that the measures would do little to drive growth, S&U said: “Ironically, a happy consequence now appears to be a dawning realisation within the Treasury and the Financial Conduct Authority that without growth and greater access to credit, consumer satisfaction and protection are pretty hypothetical.”
