Russ Mould, investment director at AJ Bell, said: “Chancellor Rachel Reeves can take the blame for ITV’s share price slipping on better-than-expected results, at least as far as the UK broadcast network is concerned.
“Businesses are fed up with uncertainty around the Budget and the lack of clear guidance over whether taxes will go up or not.
“This is having a negative impact on money spent internally such as delaying decisions on hiring or holding off from expanding facilities.
“Companies are reluctant to spend money if they suddenly find their cost base changes once again.
“That uncertainty has spread to promoting products – businesses recognise the outlook for consumers is also cloudy, and so they’re being more cautious about spending on advertising until the Budget happens.
“Naturally, that’s terrible news for ITV, which has guided for weaker advertising demand in the fourth quarter, citing the Budget as the key factor.”
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