Budget comment

28 October 2026

Duncan Kreeger, CEO of commercial mortgage lender and bridging specialist TAB, said:

“This was a steady-as-she-goes, low-key, beige Budget. The best that can be said about it is that the tax rises are modest compared to those of Rachel Reeves, that it hasn’t offered a lot of surprises for the bond market, and that it sticks within the government’s tight fiscal rules.

“But keeping some spending pressures in check is not the same as repairing the public finances or super-charging growth. Demonstrating the economy is in the hands of a grown-up is a pretty low bar.

“I thought this Budget lacked ambition. The extent of red tape in buy to let is stupefying and since the general election, it’s only got worse. John Healey needs to loosen the paralysing grip of over-regulation. We’re out here lending the money to help property investors rejuvenate but there are huge opportunities to accelerate growth via deregulation of the sector further."

“The tax raid on bank profits is interesting. It will put more pressure on the banks’ appetite for specialist property lending. With banks under further pressure, property investors and small businesses are set to feel lending tighten. As a non-bank commercial mortgage lender outside the banking surcharge, TAB isn’t caught by today’s measure. Indeed, our new £200m funding facility means we’re open for business and ready to bring momentum to lending. In a tighter climate for the banks, borrowers need speed and certainty, which is why we deliver commercial mortgages at bridging speed. Think certainty, think TAB!"

"I like that thousands of high-street shops, cafés, pubs and hairdressers will no longer have to pay business rates. That will help rejuvenate our high streets and I support it wholeheartedly."