Q&A: Three voices on the autumn budget

This Q&A brings together three voices from across the Swedish-British business community. Each contributor answers two focused questions: what stood out most in this year’s budget for their sector or business, and whether any surprises – positive or negative – might influence their plans for the year ahead.

Lisa Christie
Director of Public & Regulatory Affairs UK
Vattenfall

What stood out to you most in this year's UK Autumn Budget, and how do you think it will affect your business or industry?
Energy costs are at the forefront of consumers' minds, and I was pleased to see some energy policy costs move from the domestic energy bill and into general taxation. That will cut the average bill by around £134 from next April, and should help families on low incomes the most. There were also some measures to make electricity cheaper for industry, which is really good news. This should help to accelerate electrification, and reduce costs for our supply chain, both things that will help to lower bills even further in the future.

Were there any surprises – good or bad – in the Budget that might change your plans for the next year?
Vattenfall firmly believes that building a more renewable generation is the only way to guarantee energy security, deliver stable bills for British households, and strengthen our industrial base to compete globally. The energy transition is also an important engine of growth, providing good-quality jobs up and down the country.

Maintaining the pace and ambition of rebuilding our critical national energy infrastructure should therefore be a priority.  Whilst Government is taking many steps outside the Budget to do that, it was really good to see a commitment to recruiting 350 extra planning officers in England, helping to speed up the planning process.

Callum Laidlaw
Partner
Kekst CNC

What stood out to you most in this year's UK Autumn Budget, and how do you think it will affect your business or industry?
Despite the Chancellor’s continued emphasis on growth being the pathway to fiscal stability, growth policies were relatively thin on the ground, with the Office for Budget Responsibility (OBR) noting policies would “temporarily boost demand by 0.1 per cent next year but have no significant impact on output by 2030”.  That said, there were a couple of green shoots in the expansion in the Enterprise Management Incentive’s eligibility and grant limits, and reform of enterprise investment and Venture Capital Trust schemes. This change to include more established businesses could be of particular value to regional and family-owned businesses, that often take longer to scale-up. A dearth in the London Stock Exchange’s performance in recent months has also become a symbol of the UK’s broader economic malaise, so the news that the Chancellor will introduce a three-year stamp duty holiday on newly listed shares was a welcome, if modest, incentive for businesses considering a UK float.

Were there any surprises – good or bad – in the Budget that might change your plans for the next year?
This was a predictable budget even before the leak of the OBR report. But with no significant surprises this did yield a positive market reaction, with the FTSE trading up 0.85% by close of play. However, the bigger news came two days later with the unprecedented publication by the OBR of its forecasting, which showed a surplus rather than a deficit. While different arguments can be presented about the state of the UK’s finances, the bigger issue is whether this makes Reeves's position untenable (with Opposition leaders calling on her to quit) and the impact this has on the continued poor polling for the Government and the pressure on the Prime Minister in the run up to May’s local, Welsh, and Scottish elections.

Meliha Duymaz
CFO & Vice President
Skanska UK

What stood out to you most in this year's UK Autumn Budget, and how do you think it will affect your business or industry?
The Autumn Budget was less dramatic than expected, but the government’s commitment to infrastructure investment stood out. If these pledges become real contracts, they could drive growth in hospitals, defence, energy transition, and regional development – critical for economic resilience. Pipeline certainty matters more than quick fixes, enabling planning, productivity, and investor confidence. Success depends on turning promises into action and unlocking real investment. For our business, corporation tax changes are minimal as we’re not capital-intensive, and full expensing remains available. We’re monitoring the national living wage increase, which should have limited impact but raises costs. Industry must also improve productivity, which predictable pipelines make possible. 

Were there any surprises – good or bad – in the Budget that might change your plans for the next year?
We welcome the government’s commitment to a stable pipeline, which supports confidence and planning. However, risks remain. Sudden increases in employer costs or changes to tax reliefs could slow recruitment and project delivery, especially with ongoing skills shortages. A major concern is the change to salary sacrifice pensions, adding full employee and employer NI contributions above £2,000 from April 2029. While not immediate, this will increase our staffing costs considerably. We’re also monitoring the proposed mileage-based EV charge, which could cause further cost increases. These measures won’t affect short-term plans but signal rising future costs. Construction remains resilient, but collaboration with government and investors is essential.