Britain’s biggest housebuilder has become the latest major company to criticise the unusually late timing of the Budget just a month before Christmas.
Chancellor Rachel Reeves is not due to stand up in the Commons to deliver her second Budget until November 26, almost a month later than last year’s.
Many businesses, particularly in the property, retail and financial services sectors, are frustrated that the long lead in time has allowed speculation about potential tax changes to run riot.
Today bosses at Barratt Redrow said the long wait for the Chancellor’s set piece statement “has introduced additional risk” to activity in the housing sector.
Speculation has swirled for months about reform of ISA’s, pensions relief and a possible wealth tax.
It is the second time since the election that Reeves has been accused of setting a late date for the Budget that has undermined business confidence.
Last year’s Budget on October 30 - Labour’s first since 2010 - was much earlier than this year’s date. But it was a full 117 days after Labour took office, the longest wait for a new government to hold its inaugural Budget in over 50 years.
The late date this year is believed to reflect the scale of the task facing Rachel Reeves who is likely to have to find tens of billions of pounds through higher taxes or public spending cuts to meet the fiscal rules she has set herself to keep the bond markets on board.
City experts say Reeves wants to give herself as much time as possible before delivering unpalatable news to voters in the hope the the economy might improve over the Autumn.
But earlier this week the UK boss of Aldi said the timing, which falls immediately before the Black Friday shopping splurge could hit consumer spending in the crucial run up to Christmas.
Giles Hurley said: “There is no doubt the Budget does create a bit of uncertainty.”
Barratt Redrow today forecast an increase in completions for the new financial year to between 17,200 and 17,800, up from 16,565 in the year to 29 June.
The update came as the group published annual results showing adjusted profit before tax at £591.6 million.
