Wake Up to Money Digging for growth
Oct 22, 2025
This discussion features Jane Sydenham, Senior Investment Director at Rathbones, and Graham MacDonald, Chief Executive of JCB. Jane shares insights on inflation dynamics and the impacts of high food prices on households. Graham argues against taxing growth and highlights JCB’s strategy of localizing production to navigate US tariffs. Together, they explore the challenges of the UK’s economic landscape and how future budgets should foster business investment for sustainable growth.
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Inflation Is Demand And Supply Driven
- Inflation reflects both demand and supply pressures, not solely tax changes.
- Jane Sydenham says fiscal policy can only modestly affect inflation compared with monetary policy.
Policy Hikes Feed Through To Prices
- Business tax and wage rises feed directly into firms' costs and consumer prices.
- Jane notes those one-off policy effects should drop out of inflation over time.
Parents Report Real Pain From Rising Bills
- Parents describe steep rises in nappies, formula and utility bills that strain budgets.
- Coletta Smith's interviews show benefit upratings lag real household cost increases.