In his response to the Labour Chancellor’s 2025 Budget, Mike Wood MP set out in detail why this year’s financial statement represents a serious missed opportunity for communities across the West Midlands and the wider country.
Mike warned that the Chancellor’s punitive tax rises — including changes that will see many pensioners paying income tax for the first time - will hit those on fixed and modest incomes the hardest. He highlighted that at a time when families are already struggling with the rising cost of living, the Government should be helping people keep more of what they earn, not taking more away.
Drawing on his long-standing work championing the hospitality sector, Mike also challenged the Chancellor’s continued refusal to offer meaningful support to pubs, restaurants and small businesses. He noted that more than 110,000 hospitality jobs have already been lost under Labour’s watch, and argued that failing to act now risks permanent damage to one of Britain’s most important employers and community pillars.
Mike further criticised the Budget for once again overlooking British farming. He stressed that farmers across the Black Country and beyond have been left without the certainty or backing they need to produce food, invest in their businesses and support the rural economy. The ongoing lack of clarity and support, he said, is putting pressure on local producers at a time when food security should be a national priority.
Overall, Mike argued that the Budget reflects a pattern of financial mismanagement from the Labour Government - a plan that raises taxes, weakens key industries and offers no credible path to long-term growth.
The full video of Mike’s response to the Budget is available above. If you would like to share your views with Mike or raise concerns about how the Budget may affect you, please get in touch via the contact page.
