
Graham MacDonald
Chief Executive of JCB, speaking about manufacturing, trade tariffs and the company’s investment and production plans in response to US trade policy.
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Oct 22, 2025 • 27min
Digging for growth
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.


