The UK economy is "genuinely at the edge of a crisis", according to a dire assessment from a prominent British business mogul who is calling for "radical action" from Chancellor Rachel Reeves.
Lord Stuart Rose, the former chief executive of Marks & Spencer (M&S) and Asda, has expressed deep concerned about Britain's current fiscal trajectory and is sounding the alarm the situation could deteriorate further.
Since Labour returned to Government last July, the Chancellor has pledged to prioritise gross domestic product (GDP) to bolster the economy and improve the finances of working-age people.
However, Ms Reeves has received some criticism over her fiscal decisions, including the decision to make pension pots liable for inheritance tax (IHT) by April 2027 and raise rate paid towards National Insurance contributions for employers.
A leading business mogul is sounding the alarm over the state of the UK economy
|PA / FLICKR
Speaking on Times Radio earlier this morning (September 9), the retail veteran painted a bleak picture of Britain's current economic landscape.
"I think we should all be worried about the state of Britain today," Lord Rose stated, adding that despite his typically optimistic outlook developed over five decades in business, he now believes "we're genuinely at the edge of a crisis".
The peer emphasised that without "radical action" to address current challenges, the nation risks finding itself in severe difficulty.
Lord Stuart launched a scathing attack on the Government's economic strategy, highlighting the complete absence of growth despite Labour's promises to prioritise economic expansion.
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The former M&S boss has expressed concern over the economy
| GETTYHe argued that without wealth creation, the nation cannot fund the public services that citizens expect and deserve.
The business veteran expressed particular frustration about the prolonged uncertainty facing companies.
"Britain is stuck here for the next three months waiting with real anxiety to see what will happen about the next level of taxation that will come through, which will burden business and actually will not encourage growth," he explained.
As well as this, he voiced strong opposition to the proposed Employment Rights Bill, warning it would restrict companies' ability to hire workers.
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Recent data from the Chartered Institute of Personnel and Development revealed that employees now take almost a fortnight off sick annually, nearly double the pre-pandemic figure, with public sector workers and mental health issues leading the trend.
Lord Stuart contrasted this with his own experience, claiming to have taken fewer than three weeks of sick leave throughout his half-century career. "We have arrived in a situation in Britain today where there is effectively no obligation to go to work. Absolutely none," he declared.
He urged workers to demonstrate resilience when feeling unwell, stating that the nation requires everyone to contribute actively rather than avoiding their responsibilities.
This latest intervention from the business community comes after the energy conglomerate owned by Manchester United investor Sir Jim Ratcliffe has taken the step of halting all British investment.
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Sir Jim Ratcliffe's energy firm has pulled investment from the UK in favour of the US
| PAINEOS, a major global chemical producer, has recently redirected ($3billion) £2.2billion worth of investment from the UK to America.
The company's energy division chief executive, Brian Gilvary, confirmed the dramatic shift in strategy.
"We have stopped investing in Britain. Our future investment will not be [in] the UK. There's no question of that," he stated.
Mr Gilvary attributed the decision to excessive costs, particularly the windfall tax on oil and gas producers. He explained that the firm "cannot invest with any certainty because we can't be sure what future tax rates will be".