Shadow chancellor Andrew Griffith is to use his first major speech since taking on the role to warn Chancellor Rachel Reeves's successor discussions against further tax rises on small businesses, arguing that firms are already over-taxed and burdened by excessive compliance red tape. The intervention matters because it sets out the Conservative Party's early economic positioning under leader Kemi Badenoch, framing tax simplification and support for small businesses and the self-employed as a dividing line ahead of the upcoming Budget.

In his speech, Griffith will accuse Labour of "squeezing small businesses dry" through a "jobs tax" and business rates changes, and will call on Andy Burnham and John Healey to rule out further tax rises, including any new exit tax. He will also announce a taskforce, led by Tory peer Lord Mackinlay of Richborough and Robert Colvile of the Centre for Policy Studies, to examine reforming tax compliance rules. The Federation of Small Businesses estimates compliance costs firms £25 billion annually, with owners spending around 44 hours a year on tax paperwork.