Graeme Macdonald is the CEO of JCB.

The chief executive of JCB has called on Chancellor Rachel Reeves not to do anything “daft” in her Autumn Budget which would deter inward investment.

Graeme Macdonald, who leads the Staffordshire-headquartered manufacturing giant under chairman Lord Anthony Bamford, said he’s “not optimistic” about the Budget next month, adding that Reeves is “definitely” going to raise taxes again.

The CEO also said that he hoped the Budget is “not too damaging for British business” and the “last thing” that should happen is private companies being “sacred off”.

Speaking to City AM , Macdonald also revealed that JCB had taken a “battering” from US President Donald Trump’s tariffs – a policy which has cost the company “hundreds of millions of pounds”.

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