Rachel Reeves' Budget caught firms "off guard" and will undermine investment and jobs, the head of one of Britain's leading business groups has said.Rain Newton-Smith, chief executive of the Confederation of British Industry (CBI), said profit is "not a dirty word" because it underpins firms' ability to invest, but the Government's actions have hampered that.

Rachel Reeves' Budget caught firms "off guard" and will undermine investment and jobs, the head of one of Britain's leading business groups has said.Rain Newton-Smith, chief executive of the Confederation of British Industry (CBI), said profit is "not a dirty word" because it underpins firms' ability to invest, but the Government's actions have hampered that.