'Hitting Shropshire firms in the pocket once again would be the wrong choice' says Chamber as Chancellor refuses to rule out tax hikes

She said she would make “the choices necessary to deliver strong foundations” for the economy in a world that has “thrown more challenges our way”.

Reeves blamed US tariffs, the former Conservative Government and issues such as The Office for Budget Responsibility’s expected downgrade of economic productivity for the “hard choices” she said she will have to make as Chancellor to plug the black hole caused by U-turns on welfare spending cuts and increased debt interest costs.

Businesses across Shropshire, however, have been hit by rising wage bills, having to pay higher National Insurance contributions and soaring energy costs and are desperate to see some glimmers of hope for greater future prosperity in the forthcoming Budget.

Speaking after Tuesday's (November 4) press conference in Downing Street, Ruth Ross, chief executive of Shropshire Chamber of Commerce, said: “It seems clear that Rachel Reeves’s speech was a strategic pre-Budget address aimed at preparing us for potential tax rises.

“Our message is clear – there must be no more tax rises on business.

“We share the Government’s ambition to grow the economy, reduce inflation and boost productivity – but none of that is possible if costs continue to pile up on employers.  

“The Chancellor spoke about choices. Hitting Shropshire firms in the pocket once again would be the wrong choice."

The latest quarterly economic survey from Shropshire Chamber, which is based in Telford, showed business confidence and investment levels continue to suffer, she said, adding: “It found that nearly two thirds of the companies which took part cited taxation as a ‘fear factor’ ahead of the Government’s November Budget, and half said they remained worried about inflation.

“Fewer than a quarter of businesses in Shropshire are investing in training or spending on plant and machinery, and little more than a third of local employers say they are working at full capacity.

“Employers across multiple sectors are still feeling bruised from the employer National Insurance rise in the last Budget, and many are struggling to keep their heads above water.”