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The Budget’s Ripple Effect: Pharma, Energy, Oil & Local Growth

The Budget’s Ripple Effect: Pharma, Energy, Oil & Local Growth

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In this episode, John Hall (Negotient Associate and former Treasury official) and David Gauke (Negotient Chair and former Chief Secretary to the Treasury) unpack the November 2025 UK Budget, offering a candid, insider’s perspective on what it really means for private sector leaders negotiating with government.

The conversation explores why, despite a flurry of announcements impacting the private sector, the Budget felt underwhelming for business and lacked a clear growth agenda. David and John discuss the regulatory reforms announced by the Fingleton Review, and their potential significance for other sectors. They also examine sector-specific pressures, from NHS pharmaceuticals to the new Local Growth Fund, and whether “temporary” taxes, such as the Energy Profits Levy can ever really be temporary.

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